Explore Statisense's insightful analysis uncovering the impact of Nigeria's post-cybersecurity levy electronic transaction costs. This comprehensive report delves into the financial implications for individuals and businesses, shedding light on regulatory changes by the Central Bank of Nigeria.
In response to recent regulatory changes by the Central Bank of Nigeria (CBN), electronic transactions in Nigeria now incur additional costs, raising concerns among citizens about the financial implications. Statisense analyzed to quantify these costs and assess their impact on individuals and businesses.
Statisense analyzed the new fees imposed on electronic transactions, including the cybersecurity levy, stamp duty, transfer fees, value-added tax (VAT), and SMS fees. These fees were applied to varying transaction amounts to determine the total cost incurred by senders and receivers.
Findings:
- Cybersecurity Levy:
- Senders bear a levy ranging from ₦5 on ₦1,000 transactions to ₦50,000 on ₦10,000,000 transactions.
- Stamp Duty:
- Receivers bear a fixed stamp duty fee of ₦50 on transactions of ₦10,000 or more, irrespective of the transaction amount.
- Transfer Fees:
- Senders incur transfer fees of ₦10 for transactions ≤₦5,000, ₦25 for transactions between ₦5,001 and ₦50,000, and ₦50 for transactions >₦50,000.
- Value Added Tax (VAT):
- Senders are subject to VAT on transfer fees, ranging from ₦0.75 to ₦3.75, depending on the fee amount.
- SMS Fee:
- Both senders and receivers bear a fee of ₦4 for each electronic transfer notification.
