Nigerians Pay Five Levies for Electronic Transactions

A bank customer in Nigeria pays as much as five different charges electronic transactions on one account and Netizens are not happy about it.

Only on Monday, Central Bank of Nigeria (CBN), added another 0.5 per cent cybersecurity levy to be charged on select bank transactions.

However, the apex bank exempted loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, and intra-bank transfers between customers of the same bank from the levy.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠and Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings, and deposits, including transactions involving long-term investments, among others.

But below is the list of charges Nigerians have to pay whenever they make electronic transfers.

1. Cybersecurity levy

N5 is charged on the transaction of N1,000

N50 is charged on the transaction of N10,000

N500 is charged on the transaction of N100,000

N5,000 is charged on the transaction of N1,000,000

N50,000 is charged on the transaction of N10,000,000

2. Transfer fee

N10 is being charged on the transaction below N5,000

N25 is being charged on the transaction between 5,001 and N50,000

N50 is being charged on transactions above N50,000

3. Stamp duties

N50 is being charged on transactions between N10,000 and N10,000,000

4. Short Messaging Service (SMS)

N4 is being charged on each electronic transfer notification

(Customers who use e-mail-only notification are not charged for this service)

5. Value Added Tax (VAT)

N0.75 is being charged on the N10 transfer fee

N1.875 is being charged on the N25 transfer fee

N3.75 is being charged on the N50 transfer fee.