Cybersecurity Fee: Nigerian Man Boycotts All Banks Amid Complaints Over ‘High’ Levy

  • A Nigerian man has sparked reactions online after vowing never to intentionally put his money in any bank
  • This is coming amid the uproar over the cybersecurity fee being introduced by banks on some specific transactions
  • Social media users reacted massively to the post with many expressing their displeasure over the cybersecurity fee

Following the new directives on cybersecurity fee to be charged by banks, a Nigerian man has shared his opinion.

It was earlier reported that Nigerian banks will start deducting a 0.5% cybersecurity fee from customers’ transactions, as directed by the CBN circular issued on May 6, 2024.

Man reacts to introduction of cybersecurity feeMan vows not to save money in bank
Photo credit: Bloomberg/ Getty images.
Depicted person has no relationship with story. Photo for illustration only.Source: Getty Images

Nigerian man vows to boycott banks

Reacting to the news, a man identified on X as @Mr_francis55 revealed that he would never leave his money in any bank.

“I will never intentionally put my money in the bank, it will only by emergencies,” he said.

The directive on cybersecurity fee reportedly applies to all commercial, merchant, non-interest, and payment service banks.

However, not all transactions will be affected by the latest directive, including loan disbursements and repayments, salary payments, and intra-account transfers within the same bank or between different banks for the same customer.

Reactions as man vows to boycott banks

Nigerians in the comments section had different views about his decision not to put his money in the bank.

@IrohUzoigwe said:

“That’s risk bro. You’ll get robbed one day. Don’t do that. Bank is the safest place to put your money.”

@SenatorAndre reacted:

“Make my money dey my sporty account t abeg.”

@Onome8 said:

“Please where do you put your money?”

@CharlesEkanem15 reacted:

“You dey collect salary?”

@Lionnonny said:

“Are you giving me address or u don’t have money.”

@Melvin said:

“You’re Igbo, that’s fine.”

See the post below:

Bank reportedly gives customer counterfeit cash

Meanwhile, Fox Nigeria previously reported that a Nigerian man called out a commercial bank after he received counterfeits from one of its branches.

In a series of tweets, he disclosed he was given 5,000 Euros cash in counterfeits, and he only found out when his friend went to change the money to pounds.

Source: Fox Nigeria


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