16th July 2024

The Northern Elders Forum, NEF, has strongly condemned the Central Bank of Nigeria’s recent decision to impose a cybersecurity levy on bank customers.

In a statement released by the NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, the forum expressed its dissatisfaction with the policy, citing the escalating costs associated with banking transactions as a result of multiple charges.

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 pointed out 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.

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 NEF urged the government to find a sustainable solution that creates a fair balance between enhancing cybersecurity and alleviating the financial strain on Nigerians.

“It is imperative that the administration takes into account the concerns raised by a vast majority of Nigerians and priorities policies that protect the interests of the people while also fostering economic growth and development.”

“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.”

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