The Apex Bank has released a list of the 16 banking transactions that are exempt in its directive to banks to start charging a 0.5 percent cybersecurity levy on all electronic transactions within the country.
Chibuzo Efobi, Director of the Payments System Management Department, and Haruna Mustafa, Director of the Financial Policy and Regulation Department, signed a circular from the Central Bank of Nigeria stating the exemptions.
Here is a 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. Interbank placements
7. Banks’ transfers to CBN and vice-versa
8. Inter-branch transfers within a bank
9. Cheque clearing and settlements
10. Letters of credit (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 Programme transactions, e.g., pension payments.
14. Non-profit and charitable transactions, including donations to registered nonprofit organisations or charities.
15. Educational institution transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions.
16. Transactions involving bank’s internal accounts such as suspense accounts, clearing funds, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.
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