A Northern socio-cultural organization has frowned at the Central Bank of Nigeria (CBN’s) recent decision to impose a cybersecurity levy on bank customers.
The group who described the decision of the CBN as arbitrary, illegal, and also said that the cybersecurity policy is out of touch with the realities faced by Nigerians.
This was contained in a statement released by the NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, and made available to newsmen in Kaduna on Thursday.
The group which expressed its dissatisfaction with the policy, noted that the escalating costs associated with banking transactions is as a result of multiple charges.
The Northern advocacy organisation therefore called on the government to reconsider the policy and explore alternative measures to ease the financial strain on individuals while still promoting the use of electronic payments.
It pointed out that the introduction of cybersecurity levies, in addition to existing fees such as stamp duty, transfer fees, value-added tax, and SMS charges, has placed an unbearable financial burden on individuals engaging in electronic transactions.
The forum highlighted the various charges that bank customers now face, including cybersecurity levies ranging from ₦5 on ₦1,000 to ₦50,000 on ₦10,000,000 transactions, transfer fees, stamp duty, and value-added tax.
These additional costs have significantly increased the overall expense of electronic transactions for both senders and receivers.
In the statement NEF therefore emphasised the need for a more balanced approach that ensures the costs of security measures are reasonable and do not excessively burden bank customers.
The forum said in a country already grappling with economic challenges and hyper inflationary conditions, the additional financial burden imposed by the cybersecurity levy is unjust and unfair and urged the government and relevant stakeholders to find a sustainable solution that strikes a fair balance between enhancing cybersecurity and alleviating the financial strain on the Nigerian populace.
“It is imperative that the administration takes into account the concerns raised by a vast majority of Nigeria and prioritizes policies that protect the interests of the people while also fostering economic growth and development.”
NEF further argued: “It is crucial that the government listens to the concerns of organizations like the NEF and works towards implementing policies that benefit all Nigerians, rather than burdening them with additional costs and hardships.
“It is essential to strike a delicate balance between enhancing cybersecurity and easing the financial burden on the populace, particularly at a time when the Nigerian economy is facing significant challenges due to inflation and other economic factors,” Suleiman said.
The NEF urged the government and relevant stakeholders to engage in meaningful review and find a solution that addresses the legitimate concerns raised by the public regarding the cybersecurity levy.
