Premium Times

The Central Bank of Nigeria (CBN) on Wednesday directed Mobile Money Operators (MMOs) and other electronic payment service providers to comply with the collection and remittance of levy for the national Cybersecurity Fund.

Mr Dipo Fatokun, Director, Banking and Payments System Department, CBN, issued the directive via a circular titled, “Compliance with the Cybercrime (Prohibition, Prevention, etc) Act 2015: Collection and Remittance of Levy for the National Cybersecurity Fund.”

He specifically said they should comply with the statutory provision for collection and remittance of the 0.005 levy on all transactions by businesses specified in the second schedule of the Act.

Fatokun said the directive applied to all electronic transactions, including financial transactions occurring in a bank or on mobile money schemes and other payment platforms that had accompanying service charge.

Fatokun said the 0.005 levy was service charge exclusive of other taxes from all electronic financial transactions occurring in a bank, a mobile money scheme or other payment platforms.

He said the levy also applied to electronic transactions either within or between operators that had an accompanying service charge, and that the effective date for collection was July 1.

“Operators shall remit the levy on a monthly basis using the effective date of commencement of business as the base month.

“For this purpose, fifth business day of every subsequent month shall be the latest date for remittance,” Fatokun said.

Recall that that in November 2018, the Nigerian Communications Commission signed a Memorandum of Understanding (MoU) with the CBN to enable digital mobile operators incorporate Special Purpose Vehicles to offer mobile money services.

Get more stories like this on Twitter

AD: To get thousands of free final year project topics and other project materials sorted by subject to help with your research [click here]

More Stories