The Northern Elders Forum, a prominent socio-cultural organization representing the interests of the Northern region of Nigeria, has strongly expressed its dissatisfaction with the recent policy of the Central Bank of Nigeria to impose a cybersecurity levy on bank customers.
The Forum condemned the decision of the apex bank, citing the escalating costs associated with banking transactions as a result of multiple charges.
This is contained in a statement released by the NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman.
Describing the CBN’s directive as arbitrary, illegal, and out of touch with the realities faced by Nigerians, the NEF called on the government to reconsider the policy and explore alternative measures to ease the financial strain on individuals while still promoting the use of electronic payments.
The Forum posited that the introduction of cybersecurity levies, in addition to existing fees such as stamp duty, transfer fees, value-added tax, and SMS charges, has placed an unbearable financial burden on individuals engaging in electronic transactions.
Highlighting the various charges that bank customers now face, including cybersecurity levies ranging from N5 on N1,000 to N50,000 on N10,000,000 transactions, transfer fees, stamp duty, and value-added tax, The NEF noted these additional costs have significantly increased the overall expense of electronic transactions for both senders and receivers.
While acknowledging the importance of cybersecurity in safeguarding electronic transactions, the NEF emphasized the need for a more balanced approach that ensures the costs of security measures are reasonable and do not excessively burden bank customers.
The Forum stated further that in a country already grappling with economic challenges and hyperinflammatory conditions, the additional financial burden imposed by the cybersecurity levy is unjust and unfair.
They however enjoined the government and relevant stakeholders to find a sustainable solution that strikes a fair balance between enhancing cybersecurity and alleviating the financial strain on the Nigerian populace.
“It is imperative that the administration takes into account the concerns raised by a vast majority of Nigerians and prioritises policies that protect the interests of the people while also fostering economic growth and development.”
Also Read:
- I now know why Gov. Uba has been praising Tinubu — El-Rufai
- Surviving abroad marriage: My observations, by Tunde Asaju
- Why I dumped PDP – Nwoko; We won’t miss him — Commissioner
- Anambra: Three siblings killed, bodies dumped in deep freezer
- Telecom Tariff Hike: NLC suspends planned nationwide protest
“It is crucial that the government listens to the concerns of organisations like the NEF and works towards implementing policies that benefit all Nigerians, rather than burdening them with additional costs and hardships.
“It is essential to strike a delicate balance between enhancing cybersecurity and easing the financial burden on the populace, particularly at a time when the Nigerian economy is facing significant challenges due to inflation and other economic factors,” the statement partly read.
Follow The Eagle Online Channel on WhatsApp
