Statistics and Breakdown About CBN CyberSecurity Levy

THE REAL COST OF TRANSFERRING ₦10,000 — UPDATED [MAY 2024]

SENDER:
Cybersecurity levy: ₦50
Transfer fee: ₦25
7.5% VAT fee: ₦1.88
SMS Notification: ₦4
Total cost to Sender: ₦80.88

RECEIVER:
Stamp duty (EMTL): ₦50
SMS Notification: ₦4
Total cost to Receiver: ₦54

TOTAL COST:
(Sender: ₦80.88 + Receiver: ₦54) = N134.88

Both Sender & Receiver bear ₦134.88 as the transfer cost of ₦10,000.

Real value exchanged: ₦9,865.12

#StatiSense

List of exemptions from cybersecurity charges:

1. Loan disbursements and repayments

2. Salary payments

3. Intra-account transfers within the same bank or between different banks for the same customer

4. Intra-bank transfers between customers of the same bank

5. Other Financial Institutions (OFIs) instructions to their correspondent

   

6. banks Interbank placements

7. Banks’ transfers to CBN and vice-versa

8. Inter-branch transfers within a bank

9. Cheques clearing and settlements

10. Letters of Credits (LCs)

11. Banks’ recapitalization related funding – only bulk funds movement from collection accounts

12. Savings and deposits including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.

13. Government Social Welfare Programs transactions e.g. Pension payments

14. Non-profit and charitable transactions including donations to registered nonprofit organisations or charities.

15. Educational Institutions transactions, including tuition payments and other transaction involving schools, universities, or other educational institutions.

16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts