The Northern Elders Forum, NEF, has condemned the Central Bank of Nigeria’s decision to impose a cybersecurity levy on bank customers.
The NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, in a statement, explained that the Forum expressed its dissatisfaction with the policy, citing the escalating costs associated with banking transactions as a result of multiple charges.
The NEF described the CBN directive as arbitrary, illegal and out of touch with the realities faced by Nigerians and called on the government to reconsider the policy and explore alternative measures to ease the financial strain on individuals while still promoting the use of electronic payments.
According to the Forum, the introduction of cybersecurity levies, besides existing fees such as stamp duty, transfer fees, value-added tax, and SMS charges, has placed an unbearable financial burden on individuals engaging in electronic transactions.
The Forum said, “The various charges that bank customers now face, including cybersecurity levies ranging from ₦5 on ₦1,000 to ₦50,000 on ₦10,000,000 transactions, transfer fees, stamp duty, and value-added tax.
“These additional costs have significantly increased the overall expense of electronic transactions for both senders and receivers.”
The Forum further noted that the importance of cybersecurity in safeguarding electronic transactions and the need for a more balanced approach that ensures the costs of security measures are reasonable but should not lead to more burden on bank customers.
According to NEF, in a country already grappling with economic challenges and hyperinflammatory conditions, the additional financial burden imposed by the cybersecurity levy is unjust and unfair.
The Forum urged the government and relevant stakeholders to find a sustainable solution that strikes a fair balance between enhancing cybersecurity and alleviating the financial strain on the Nigerian populace.