Telecom
ATCON Frowns at CBN Directive on E-Transaction Levy
The Association of Telecommunications Companies of Nigeria (ATCON) has decried recent directive by the Central Bank of Nigeria (CBN) to all banks on the collection of 0.005% levy on all electronic transactions into a National Cyber Security Fund account within the CBN which they said will affect some businesses.
Olusola Teniola, National President, Association of Telecommunications Companies of Nigeria (ATCON) disclosed this in a statement on Tuesday in Lagos.
Teniola noted that, the businesses which are to be affected are as follows; GSM Service Providers and all telecommunication companies; Internet service providers; Banks and other financial institutions; Insurance companies and Nigerian stock exchange
He explained that, the eventual implementation of this levy of 0.005% would cripple if not render useless government and private sector efforts to speed up the broadband penetration in Nigeria, adding that ATCON has a mandate to protect investment in the telecom industry from undue pressure from the government in the form of additional burden on its members that are already overtaxed by all tiers of governments.
“The underlining reasons for our Position is that the Cybercrime (Prohibition, Prevention, Etc) Act 2015, Section 44 that the CBN seeks to implement, states in Section 44 an establishment of a National Cyber Security Fund.
“In Section 44.2 (a) a Levy of 0.005 of all electronic transactions by the businesses specified in the second schedule to this Act.
“Where in the Schedule five categories including GSM Service providers and all telecommunication companies and Internet Service Providers are to apply this charge!
“ATCON believes any premeditated actions that are capable of killing the telecoms industry must be eschewed by all tiers of governments in Nigeria as the perceived benefits of imposing this levy on aforementioned businesses have the direct capability to erase if not destroy the achievements that have been made since the telecoms sector was liberated.
“We therefore advise government to review this directive as it would affect some macro-economic elements such as loss of employment and we as Industry will have to increase prices to cover the collection, processing and pass on these costs to the 150million subscribers.” he stated
He noted that ATCON is of the opinion that formulation and implementation of policies are not properly coordinated, stressing that while some government agencies are working towards migrating all government services online some other government agencies are working towards discouraging people from making use of electronic channels via this obnoxious levy.
“It should be stated for the purpose of records that government should not think that the elasticity of demand for the use of electronic channels is inelastic as this move can stop people from transacting their businesses via available electronic channels,” he added.
He stated that they have made several request to meet with Mr Godwin Emefiele, Governor of CBN to discuss some of the issues facing their members with respect to sourcing for foreign exchange to purchase the needed equipment that would enhance the telecom industry but to their surprise the central bank of Nigeria has refused to honour their invitation.
“We believe that any action that has the potential to destroy the telecoms industry should be avoided by all tiers of government in Nigeria as the accruable benefits of imposing this levy on our members are far lower than the revenue that it is going to create for the government.
“In view of this and other reasons enumerated above, the Association’s position is that the proposed levy of 0.005% tax bill should be withdrawn and its implementation seriously reviewed,” he said.
Lynda Saint-Nwafor, chief Enterprise business officer, MTN Nigeria, has assured the network subscribers that the new end-user billing system for the use of USSD services will jot affect them.
USSD, otherwise Unstructured Supplementary Service Data codes are commonly used for banking transactions, airtime recharges, and other mobile services.
The telco said that there is no significant impact or change other than the fact that they will now pay the same N6.98 per session (120 seconds) with their airtime instead of direct bank debit.
Saint-Nwafor, said this during a chat with MTN MIP fellows, explaining that the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered telecom operators to ensure that the new billing model resolves trust issues and ensures transparency in the billing process.
“Our regulator insisted that at the end of every month, we are going to be providing history and statistics on the performance of the service across the board”, she explained.
Saint-Nwafor added that the new billing model has standardized messaging across all operators and ensures consistent communication with customers.
“We will take all the error codes and map them into messages that are standardised across the board. So, if you initiate a transaction, you will know if it is failing. And, when the transaction fails, you will know if it is from your bank or the telco,” she explained.
The U.S. government has recovered $225 million in what is now the largest seizure of funds linked to a cryptocurrency investment scam.
In a statement released Wednesday, June 18, the U.S. Attorney’s Office said the recovery followed an extensive investigation by the FBI and the U.S. Secret Service, using blockchain analysis and other forensic tools. The statement did not confirm whether any arrests had been made.
According to the authorities, the stolen funds originated from fraudulent cryptocurrency investment schemes that tricked victims into believing they were making legitimate investments. More than 400 individuals around the world, including dozens in the United States, were reportedly affected.
The operation involved a sophisticated money laundering network that carried out hundreds of thousands of blockchain transactions to obscure the source and ownership of the stolen assets.
“These scams prey on trust, often resulting in extreme financial hardship for the victims,” said Shawn Bradstreet, Special Agent in Charge at the U.S. Secret Service office in San Francisco.
Bradstreet added that U.S. officials hope the recovered funds can eventually be returned to the rightful victims.
Cryptocurrency investment fraud accounted for over $5.8 billion in reported losses in 2024 alone, according to the statement.
In a rousing declaration that is electrifying minds across the continent, Hon. Nnaemeka Ani, Special Adviser on ICT to Enugu State Governor, Dr. Peter Mbah, has called for a homegrown digital revolution under the banner “Africa Will Rise: By Code, By Courage, By Us.”
Hon. Nnaemeka Ani
The message, part challenge, part philosophical—seeks to galvanize African innovators to move beyond buzzwords and build technology with impact and legacy in mind.
“Let’s stop building for hype. Let’s start building for legacy,” Ani urged while speaking to ICT journalists over the weekend. “Let’s stop waiting for someone else. Let’s start creating the future—on our own terms.”
At the heart of Ani’s vision is a shift from tech consumerism to tech authorship. With innovation hubs sprouting across cities like Enugu, Lagos, Kigali, Jo’Burg, and Nairobi, and a growing community of developers, engineers, and entrepreneurs determined to solve Africa’s unique challenges, the movement is already taking shape.
Ani emphasized that Africa’s future lies not in flashy apps or international admiration but in persistent, intentional solutions that uplift communities—solutions that digitize public services, bridge rural-urban divides, empower women and youth, and build resilience in food and climate systems.
“We have the talent,” he said. “Now it’s time to harness it—to stop building for likes and start building for lasting impact.”
With support from leaders like Ani and rising momentum in Africa’s tech corridors, it seems that a new chapter is being written—one line of code at a time.
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