Cybersecurity
The Northern Elders Forum (NEF), a distinguished socio-cultural organization championing the interests of the Northern region of Nigeria, has recently voiced strong opposition against the Central Bank of Nigeria’s (CBN) decision to impose a cybersecurity levy on bank customers. This move by the CBN has sparked significant controversy and debate within the Nigerian financial landscape, eliciting concerns from various sectors of society, including the NEF.
NEF’s Dissatisfaction with the Policy
In a statement released by the NEF’s Director of Publicity and Advocacy, Abdul-Azeez Suleiman, the forum expressed profound dissatisfaction with the policy, labeling it as arbitrary, illegal, and out of touch with the realities faced by Nigerians. One of the primary concerns raised by the NEF is the escalating costs associated with banking transactions due to the imposition of multiple charges, including the newly introduced cybersecurity levy.
Financial Burden on Bank Customers
The NEF has criticized the CBN’s directive, highlighting the adverse impact it has on individuals engaging in electronic transactions. The introduction of cybersecurity levies, coupled with existing fees such as stamp duty, transfer fees, value-added tax, and SMS charges, has imposed an unbearable financial burden on bank customers across the country. These additional costs have significantly increased the overall expense of electronic transactions, affecting both senders and receivers alike.
Detailed Analysis of Charges
The forum shed light on the various charges imposed on bank customers, providing detailed insights into the financial implications of the cybersecurity levy. Cybersecurity levies range from ₦5 on ₦1,000 transactions to ₦50,000 on ₦10,000,000 transactions, in addition to transfer fees, stamp duty, and value-added tax. This comprehensive breakdown underscores the magnitude of the financial strain placed on individuals and businesses conducting electronic transactions in Nigeria.
Importance of Cybersecurity Balanced with Affordability
While acknowledging the importance of cybersecurity in safeguarding electronic transactions, the NEF emphasizes the need for a more balanced approach that ensures the costs of security measures remain reasonable. The forum advocates for policies that do not excessively burden bank customers, particularly in a country already grappling with economic challenges and hyperinflationary conditions.
Call for Government Intervention
The NEF calls upon the government and relevant stakeholders to reconsider the cybersecurity levy policy and explore alternative measures to alleviate the financial strain on the Nigerian populace. It urges policymakers to prioritize policies that protect the interests of the people while fostering economic growth and development. The forum emphasizes the importance of taking into account the concerns raised by a vast majority of Nigerians in formulating policies that promote financial inclusion and alleviate economic hardships.
Advocating for Sustainable Solutions
In light of the current economic landscape, the NEF underscores the urgency of finding sustainable solutions that strike a fair balance between enhancing cybersecurity and alleviating financial burdens on the Nigerian populace. The forum’s stance highlights the significance of considering the impact of regulations on ordinary citizens and advocating for measures that promote financial inclusion and economic stability.
Conclusion
In conclusion, the Northern Elders Forum’s opposition to the Central Bank of Nigeria’s cybersecurity levy reflects a broader concern within Nigerian society regarding the financial implications of regulatory policies. The NEF’s stance underscores the importance of prioritizing the interests of the people and advocating for policies that promote economic growth, development, and financial inclusion.