Nigeria’s Cybersecurity Levy and Other Charges are the latest additions to the list of bank charges in Nigeria, introduced by the Central Bank of Nigeria (CBN) to enhance cybersecurity and regulate electronic transactions. These charges, alongside other existing fees, affect how much Nigerians pay for banking services.
What is the Cybersecurity Levy?
The Cybersecurity Levy is part of the new bank charges in Nigeria aimed at funding efforts to combat cybercrimes, in line with the Cybercrimes Act of 2015. It applies to electronic transactions, with specific rates depending on the amount transferred:
- N5 for N1,000
- N50 for N10,000
- N500 for N100,000
- N5,000 for N1,000,000
Some transactions, like salary payments, loan repayments, and intra-bank transfers, are exempt from this charge.
List of Bank Transfer Charges in Nigeria (2024)
In addition to the Cybersecurity Levy, here’s a breakdown of common bank transfer charges in Nigeria 2024:
- Transfer Fees:
- N10 for transfers below N5,000.
- N25 for transfers between N5,001 and N50,000.
- N50 for transfers above N50,000.
- Stamp Duties: A flat N50 on transactions over N10,000.
- SMS Alerts: N4 per alert for electronic transfers (email alerts are free).
- VAT on Fees: A small VAT percentage is added, e.g., N0.75 on a N10 transfer fee.
- Account Maintenance Charges: Typically N50 monthly for current accounts.
Why It Matters
These new bank charges in Nigeria have sparked concerns, as they add to the financial burden of everyday banking. With digital banking being a key part of life for many Nigerians, knowing the full list of bank transfer charges in Nigeria helps customers plan better and avoid surprises.
While the CBN insists these charges are necessary to improve banking security, Nigerians are calling for better transparency and reduced costs, especially as they juggle multiple fees like the account maintenance charge in Nigeria and other transaction levies.
Cybersecurity Levy on implementation there were some exemptions:
Exemptions:
Loan disbursements and repayments.
Salary payments.
Intra-account transfers (same customer/bank).
Inter-branch transfers within the same bank.
Cheque clearing, letters of credit, banks’ recapitalization, and long-term investments.
Charges:
N5 on N1,000.
N50 on N10,000.
N500 on N100,000.
N5,000 on N1,000,000.
N50,000 on N10,000,000.
Other Transaction Charges
Transfer Fee:
N10 for transactions below N5,000.
N25 for transactions between N5,001 and N50,000.
N50 for transactions above N50,000.
Stamp Duties:
N50 on transactions between N10,000 and N10,000,000.
SMS Notifications:
N4 per notification (electronic transfers only; email notifications are exempt).
Value Added Tax (VAT):
N0.75 on a N10 transfer fee.
N1.875 on a N25 transfer fee.
N3.75 on a N50 transfer fee.
Updated List of Bank Transfer and Cybersecurity Charges in Nigeria 2024
List of bank transfer charges in Nigeria, List of bank charges in Nigeria, New bank charges in nigeria, Bank transfer charges in Nigeria 2024, How much is account maintenance charge in Nigeria,
Leave a Reply