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The 0.5 percent cybersecurity levy that banks will impose on electronic transfers, according to Senior Advocate of Nigeria Kunle Adegoke, will make things worse for Nigeria’s impoverished citizens.
Adegoke made this claim during a Wednesday interview on Politics Today on Channels Television.
Remember that banks in the nation were ordered to impose a 0.5 percent cybersecurity levy on electronic transfers by the Central Bank of Nigeria (CBN).
The wealthy Nigerians were already complaining, the senior attorney said, about certain charges relating to their transactions.
He explained, “The Cybercrime Act of 2015, which is being implemented by the CBN, was recently amended in 2024, which is why I feel the timing is not appropriate. Furthermore, the 2015 Act included the clause mandating a 0.5% tax.
“Now, the 2024 Amendment Act gave rise to the CBN’s directive that a 0.5% fee be applied to all electronic transactions.
Because of the potential amount involved in the transactions to be completed, it seems that those in the lower echelons of society will be the ones affected by this position the most, while the wealthy and elite may not be as affected.
The impoverished majority always faces problems. They always gripe about the fees banks charge for their transactions.
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