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Friday, May 17, 2024

Five levies you pay for electronic transactions

The Central Bank of Nigeria has ordered banks to start charging what has been christened ‘cybersecurity levy’ on transactions.

The levy implementation will start in a fortnight; and the circular is directed to all commercial, merchant, non-interest, and payment service banks, among others.

For avoidance of doubt, the following are the levies you pay each time you make electronic transactions in Nigeria.

Short Messaging Service (SMS)

N4 is being charged on each electronic transfer notification. This is only applicable to customers on eligible electronic transactions. Those who opt for e-mailing services are not charged the same.

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

Value Added Tax

  • N0.75 is being charged on N10 transfer fee
  • N1.875 is being charged on the N25 transfer fee
  • N3.75 is being charged on N50 transfer fee
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Stamp duties

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

Cybersecurity levy

  • 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
  • N50,000 is charged on the transaction of N10,000,000
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