Wed. Jul 24th, 2024

16 Banking Transactions Exempted From Nigeria’s New Cybersecurity Levy

  1. Loan disbursements and repayments
  2. Salary payments
  3. Intra-account transfers within the same bank or between different banks for the same customer
  4. Intra-bank transfers between customers of the same bank
  5. Other Financial Institutions instructions to their correspondent banks
  6. Interbank placements, Banks’ transfers to CBN and vice-versa
  7. Inter-branch transfers within a bank
  8. Cheque clearing and settlements
  9. Letters of Credits
  10. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts
  11. Savings and deposits, including transactions involving long-term investments such as Treasury Bills,
  12. Bonds, and Commercial Papers.
  13. Government Social Welfare Programmes transactions e.g. Pension payments
  14. Non-profit and charitable transactions, including donations to registered non-profit organisations or charities
  15. Educational institutions’ transactions, including tuition payments and other transactions involving schools, universities, or other educational institutions
  16. Transactions involving bank’s internal accounts such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts.

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