A objection to the decision made by the Central Bank of Nigeria to enforce a cybersecurity levy on bank customers has been raised by a prominent socio-cultural group, The Northern Elders Forum (NEF).
Expressing dissatisfaction with the policy, the NEF, through a statement endorsed by Abdul-Azeez Suleiman, the forum’s Director of Publicity and Advocacy, voiced their concerns over the rising costs associated with banking transactions due to multiple charges.
Labeling the CBN’s directive as arbitrary, illegal, and disconnected from the real issues faced by Nigerians, the forum urged the government to reconsider the policy and investigate alternative measures to alleviate financial pressures on individuals while still encouraging the adoption of electronic payments.
Pointing out the heavy financial load on individuals transacting electronically as a result of the introduction of cybersecurity levies as well as existing fees like stamp duty, transfer fees, value-added tax, and SMS charges, the NEF criticized the additional strain placed on bank customers.
Detailing the multitude of charges confronting bank customers such as cybersecurity levies ranging from ₦5 on ₦1,000 to ₦50,000 on ₦10,000,000 transactions, transfer fees, stamp duty, and value-added tax, the NEF emphasized the augmented costs of electronic transactions for both the sender and receiver.
While recognizing the significance of cybersecurity in safeguarding electronic transactions, the NEF stressed the necessity for a more equitable approach that ensures reasonable costs for security measures without overburdening bank customers.
Amidst the economic and hyperinflationary challenges faced in the country, the NEF viewed the additional financial responsibility imposed by the cybersecurity levy as unjust and inequitable, urging the government and relevant stakeholders to discover a sustainable solution that balances enhancing cybersecurity and alleviating the financial constraints on the Nigerian population.
“It is crucial for the leadership to heed the concerns voiced by a vast number of Nigerians and prioritize policies that safeguard the people’s interests while fostering economic advancement and growth.”