The Northern Elders Forum (NEF), a prominent socio-cultural organization representing the interests of the Northern region of Nigeria, has voiced its strong opposition to the recent decision by the Central Bank of Nigeria (CBN) to impose a cybersecurity levy on bank customers.
In a statement issued by Abdul-Azeez Suleiman, the NEF’s Director of Publicity and Advocacy, the forum expressed discontent with the policy, citing concerns over the increasing costs associated with banking transactions due to multiple charges.
The NEF criticized the CBN’s directive as arbitrary, illegal, and disconnected from the everyday realities faced by Nigerians. They called on the government to reconsider the levy and explore alternative approaches to alleviate financial burdens on individuals while still ensuring cybersecurity.
Highlighting the existing charges such as stamp duty, transfer fees, value-added tax, and SMS charges, the NEF emphasized that the introduction of cybersecurity levies has added to the financial strain on bank customers. They noted the specific charges imposed by the levy, ranging from ₦5 on ₦1,000 transactions to ₦50,000 on ₦10,000,000 transactions, further burdening both senders and receivers.
While acknowledging the importance of cybersecurity, the NEF stressed the necessity for a balanced approach that does not overly burden bank customers. They argued that in a country already grappling with economic challenges and high inflation, the additional financial burden imposed by the cybersecurity levy is unjust and unfair.
The NEF urged the government to prioritize policies that protect the interests of the people while fostering economic growth and development. They emphasized the need for meaningful engagement and review to address the legitimate concerns raised by the public regarding the cybersecurity levy.
The stance of the NEF underscores the importance of considering the impact of regulations on ordinary citizens and advocating for measures that promote financial inclusion and alleviate economic challenges. They called for a solution that strikes a fair balance between enhancing cybersecurity and easing the financial burden on the Nigerian populace.
