SIXTEEN BANKING TRANSACTIONS EXEMPTED FROM CBN'S NEW CYBER SECURITY LEVY

 

These 16 transactions are not going to be affected by the Newly introduced Cyber Security Levy Charges to be paid by Nigerians:

1. Loan disbursements and repayments.

2. Salary payments.

3. Intra-account transfers within the same bank or between different banks for the same customer.

4. Intra-bank transfers between customers of the same bank.

5.Other Financial Institutions instructions to their correspondent banks

6. Interbank placements.

7. Banks’ transfers to CBN and vice-versa.

8. Inter-branch transfers within a bank.

9. Cheque clearing and settlements

10. Letters of Credits

11. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts

12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, Bonds, and Commercial Papers.

13. Government Social Welfare Programmes transactions e.g. Pension payments

14. Non-profit and charitable transactions, including donations to registered non-profit organisations or charities

15. Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions.

16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

Which other transactions do you think ought to be included but not on the list? Let's know your thoughts.