The recent decision by the Central Bank of Nigeria to impose a cybersecurity levy on bank customers has drawn strong criticism from the Northern Elders Forum, NEF.
Expressing dissatisfaction with the policy, NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, highlighted the escalating costs of banking transactions due to multiple charges.
NEF has urged the government to reconsider the levy and seek alternative ways to reduce financial pressure on individuals while encouraging electronic payments.
Pointing out the burden imposed by cybersecurity levies on top of existing fees like stamp duty, transfer fees, value-added tax, and SMS charges, NEF emphasized the need for a balanced approach in ensuring that security costs remain reasonable for bank customers.
While recognizing cybersecurity’s importance in protecting electronic transactions, NEF stressed the importance of finding a sustainable solution that eases financial strain while enhancing security measures.
NEF called on the government to prioritize policies that safeguard the people’s interests and support economic growth, considering the widespread concerns among Nigerians.
It emphasized the significance of implementing policies that benefit all Nigerians without adding extra costs and hardships.
NEF highlighted the necessity of striking a balance between cybersecurity enhancement and alleviating financial burdens on the populace, given the current economic challenges faced by Nigeria.