List of five charges Nigerians pay for electronic transactions

"Electronic payments by phone, card, and computer continue to gain market share and the CBN levy"


Following the latest directives from the Central Bank of Nigeria (CBN) authorizing banks operating in the country to start charging a cybersecurity levy on transactions, the apex bank has highlighted five charges Nigerians pay for online transactions.

Electronic payment transactions in Nigeria hit an all-time high in 2023 as they rose by 55 percent to N600 trillion, up from N387 trillion in 2022.

Electronic payments by phone, card, and computer continue to gain market share, and the CBN levy.

According to Persecondnews, the apex bank issued a circular on Monday stating that the levy implementation would begin two weeks from today.

The circular was dispatched to all commercial, merchant, non-interest, and payment service banks, among other things.

The circular explained that it was a follow-up to earlier letters on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015, dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively.

Here are the five charges Nigerians pay for electronic transactions:

1. Cybersecurity levy (0.5% on every transaction):

N5 is charged on the transaction of N1,000.

N50 is charged on the transaction of N10,000.

N500 is charged on the transaction of N100,000.

N5,000 is charged on the transaction of N1,000,000.(Million)

N50,000 is charged on the transaction of N10,000,000.(Million)

2. Transfer fee

N10 is being charged on the transaction below N5,000

N25 is being charged on the transaction between 5,001 and N50,000

N50 is being charged on transactions above N50,000.

3. Stamp duties

N50 is being charged on transactions between N10,000 and N10,000,000.

4. Short Messaging Service (SMS)

N4 is being charged for each electronic transfer notification.

Note: This is only applicable to customers on eligible electronic transactions. Those who opt for e-mailing services are not charged the same.

5. Value Added Tax (VAT)

N0.75 is being charged on the N10 transfer fee.

N1.875 is being charged on the N25 transfer fee.

N3.75 is being charged on the N50 transfer fee.

Leave a comment

Related Articles

Plateau, Benue killings, one death too many, says Obi

Daniel Okejeme A former governor of Anambra State, Mr. Peter Obi, says...

Chad PM Submits Resignation To Newly Elected Junta Chief

Two weeks after his defeat to junta chief Mahamat Deby in the...

Banex Plaza attack: A threat to national security – Nigerian Army

Daniel Okejeme The Nigerian Army’s spokesperson, Maj.-Gen. Onyema Nwachukwu has described the...

Rivers Gov. Fubara swears in eight newly-confirmed commissioner-nominees

Daniel Okejeme The Governor of Rivers State, Siminalayi Fubara, has conducted the...

Banex Plaza closure: HURIWA cautions against misusing military troops

By Daniel Okejeme The Human Rights Writers Association of Nigeria (HURIWA) has...

Breaking: OPay, Moniepoint, Others To Resume Onboarding New Customers ‘In Months’ – CBN

The Central Bank of Nigeria (CBN) has announced that mobile money operators,...

Updated: CBN raises interest rate to 26.25% amid rising inflation

The CBN’s Monetary Policy Committee (MPC) has increased the benchmark interest rate...

Popular Abuja pastor in abusive marriage, evicts wife, six children from his house

A popular Abuja pastor (names withheld) has allegedly thrown out his estranged...

Renewed Hope City: FG Launches Portal for Intending Homeowners

The Federal Government has launched the Renewed Hope Cities and Estates portal...

Woman collapses following soldier’s alleged assault at Banex military checkpoint, Abuja

Days after shutting down Abuja’s Banex Plaza over traders attack on a...

Only students from federal institutions will benefit first from student loans scheme, says FG

The Nigerian Education Loan Fund (NELFUND) has announced that only students from...

Bandits break into houses, kidnap 20 residents in FCT’s Dawaki

In a new wave of kidnappings in the Federal Capital Territory, no...

UBA at 75: It’s testament to resilience, innovation, remarkable financial strength – GMD

In its 75 years of operation, the United Bank for Africa (UBA)...

Just in: Few hours after President Raisi’s death, earthquake hits Iran

A few hours after the tragic death of Iran’s President Ebrahim Raisi...

Rivers NSCDC busts nine stolen crude oil refiners extracted from vandalized oil wellheads

The Nigeria Security and Civil Defence Corps (NSCDC) says it has apprehended...

Just in: Court rejects Nnamdi Kanu’s bail, house arrest request

A Federal High Court in Abuja on Monday rejected the plea of...

Nigeria’s oil production nears 1.7mbpd – NNPC Ltd

Nigeria’s crude oil production is approaching 1.7 million barrels per day, according...

Renewed Hope City: FG begins construction of 1,250 housing units in four northern states

The Federal Government will begin construction of 1,250 housing units in four...

Presidential intervention: CBN withdraws circular on cybersecurity levy

The Central Bank of Nigeria (CBN) has withdrawn its directive to banks...

Fresh crisis rocks Ogun APC with Gov. Abiodun and Sen. Daniel in standoff over projects

…says his comment represents a hallucination of a serial failure All is...