FULL LIST: 16 banking transactions exempted from CBN’s new cybersecurity levy

The exempted transactions are listed below:

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,

7. Banks’ transfers to CBN and vice-versa

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.