By Rose Moses
The Central Bank of Nigeria (CBN) has introduced a plethora of levies and charges on electronic transactions, leaving many Nigerians feeling exploited and frustrated.
The latest addition to this list is a 0.5% cybersecurity levy, which was introduced on Monday, May 7, 2024, further adding to the already lengthy list of charges that customers must pay to make transactions on their accounts.
On the list of charges includes a cybersecurity levy, transfer fee, stamp duties, and Short Messaging Service (SMS) charges. The cybersecurity levy is a percentage of the transaction value, with the amount varying based on the transaction amount.
The transfer fee is also a percentage of the transaction value, with the amount increasing as the transaction amount increases.
Stamp duties are charged on transactions between specific value ranges, while SMS charges are applied for each electronic transfer notification.
Value Added Tax (VAT) is also applied to the transfer fee, adding to the overall cost of the transaction. This means that customers are not only paying for the service but also for the government's taxes.
The CBN has exempted certain transactions from the cybersecurity levy, including loan disbursements, salary payments, and intra-account transfers. However, this does not alleviate the frustration of customers who feel that they are being exploited by the multiple charges and levies. Moreover, netizens argue that differentiating these transactions is not guaranteed.
Expectedly, the introduction of these charges has sparked widespread criticism, with many Nigerians expressing their discontent on social media.
Government's decision to impose these charges has been seen as a way to generate revenue rather than to improve the efficiency of the electronic payment system, thus raising questions about the transparency and accountability of the government in managing the country's finances.
Many Nigerians are therefore calling for the government to be more transparent about how the revenue generated from these charges is being used and to provide more relief to the citizens who are already struggling to make ends meet.
Overall, the introduction of these charges has created a sense of unease among Nigerians, who feel that they are being exploited by the government. The government's decision to impose these charges has sparked widespread criticism and has raised questions about the transparency and accountability of the government in managing the country's finances.
Below are kind of charges Nigerians have to pay whenever they make electronic transfers, five in total, so far!
*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
*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
*Stamp duties
N50 is being charged on transactions between N10,000 and N10,000,000
*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)
*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.
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