16 Banking Transactions exempted from The Cyber Security Levy (see full list)

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1. Loan disbursements and repayments

2. Salary payments

3. Intra-account transfers within the same bank or between different banks for the same customer

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4. Intra-bank transfers between customers of the same bank

5. Other Financial Institutions instructions to their correspondent banks

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6. Interbank placements,

7. Banks’ transfers to CBN and vice-versa

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8. Inter-branch transfers within a bank

9. Cheque clearing and settlements

10. Letters of Credits

11. Banks’ recapitalisation-related funding – only bulk funds movement from collection accounts

12. Savings and deposits, including transactions involving long-term investments such as Treasury Bills, 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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