The Central Bank of Nigeria has directed mobile money operators and other payment service providers to collect and remit 0.005 per cent levy on all electronic transactions by the business specified in the second schedule of the Cybercrime (Prohibition, Prevention, etc) Act 2015.
The CBN, in a circular released on Wednesday, stated that the mandate on compliance with the collection and remittance of the levy was pursuant to section 44, sub-sections one and two of the Act.
It said, “All mobile money operators and other affected payment service providers are hereby directed to comply with the statutory provision for the collection and remittance of the 0.005 per cent levy on all electronic transactions by the businesses specified in the second schedule of the Act.”
The statement defined electronic transactions as financial transactions occurring in a bank, on a mobile money scheme, or any other payment platform with an accompanying service charge.
It added that the levy from all electronic financial transactions must be 0.005 per cent of the service charge, exclusive of all tax effects.
“Effective from July 1, 2018, all electronic transactions that have an accompanying service charge shall qualify as eligible transactions, and all levies imposed under the Act should be remitted to the nominated T24 account number,” the statement said.
The CBN added that all operators were expected to remit the levy on a monthly basis using the effective date as the date of commencement of business.
It said the fifth business day of every subsequent month would be the latest date for remittance.