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CBN Orders Banks to Charge 0.5 Percent Cybersecurity Levy

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Central Bank of Nigeria (CBN) has ordered banks operating in the country to start charging a cybersecurity levy on transactions.

A circular from the apex bank on Monday disclosed that the implementation of the levy would start two weeks from yesterday.

The circular was directed to all commercial, merchant, non-interest and payment service banks, among others.

The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.

The recent public engagements by the Office of the National Security Adviser on the above subject, also refers.

Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act, is to be remitted to the National Cybersecurity Fund which shall be administered by the Office of the National Security Adviser.

The CBN said that all banks, other financial institutions and payment service providers are now required to implement the directive, saying, “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.

“Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.”

Exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.

The CBN, in recent times, has been making an effort to sanitise the financial sector. It recently issued a directive which barred fintechs from onboarding new customers.

The fintechs have in turn warned their customers against engaging in crypto transactions on their platforms.

This also comes barely a week after the Federal Government had directed Deposit Money Banks to immediately begin the deduction of 0.375 per cent stamp duty charge on all mortgaged-backed loans and bonds.


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E-Financial

Tapswap Halts Token Allocation to Users Indefinitely

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Tapswap, a widely used tap-to-earn program on the TON Blockchain, has indefinitely suspended its token distribution to users.

Tapswap Halts Token Allocation to Users Indefinitely

The decision, announced by John Robbin, Tapswap’s head of Communications, in a space held on X, aims to find the best way to compensate users participating in the platform.

Launched on February 15, 2024, Tapswap has attracted over 50 million users globally, including many in Nigeria, who tap their phone screens to earn tokens through the Telegram Tapswap bot.

“The token launch was postponed until July 1. The new date will be communicated,” Robbin stated, underscoring the platform’s commitment to retaining its user base.

“We will allocate a significant part of the tokens to the community to retain the tappers. We want you all to be part of the Tapswap community.”

Robbin emphasised the importance of a fair token airdrop, saying, “We need a token airdrop to be a win-win for all of us. We have started communicating with many exchanges and platforms.”

He also addressed concerns about system abuse, warning that, “Anybody abusing the system to farm taps and manipulate the game will be banned,” and asked genuine users to be patient while community members conduct background checks.”

On the mining process, Robbin explained, “Just open the app and tap on it; that will give you shares. The more you tap and the more upgrades you do, the more shares you will have when we finalize the tokens on it. The more tokens you want to have, the more tapping you have to do.”

The recently concluded booster option, which allowed users to boost their earnings, was also discussed. “We have grown exponentially faster than we thought, and to develop the game plan further, we introduced a paid feature to make their capital, but it was not mandated on the users,” Robbin noted.

The limited x2 donation feature, designed to help new users compete with earlier adopters, is now discontinued. “It was a platform that allowed people who joined recently to compete with people who started earlier. It is gone for now, but we are looking forward to using the money we earned from it to improve the game in the future,” he added.

Robbin assured users of the app’s longevity, stating, “It is all going to our 25 staffers working around the clock to sustain the app. We want to be here for a very long time.”

 

 


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6 Ways to Make Money on the PalmPay App in 2024

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If you need an additional source of income, you should look no further than Nigeria’s thriving digital banking industry. You’ll find the best business opportunity there, with PalmPay being the most rewarding fintech to bank with.

With over 30 million users and 1.1 million businesses, including 600,000 merchants and 500,000 agents as part of its cashless payment ecosystem, PalmPay is a perfect platform for those looking to make money in the digital banking space.

One major reason why PalmPay stands out among other competing brands is that its users can send and receive money seamlessly, pay bills effortlessly, and shop with ease, all while earning discounts and cashback performing these tasks.

In Nigeria’s fintech space, no other brand has these financial offerings, except PalmPay. Data even shows that PalmPay has the highest rating on Google Play store in the fintech space.

This article covers the top six most popular features of the PalmPay app that anyone can use to make money from referrals, betting, cashback and discounts, sales and a distinctive financial offering by PalmPay called the Trial Cash.

Refer & Earn

PalmPay’s Refer and Earn feature is a perfect marriage between your contact list and the app’s innovative financial payment offerings. Inviting people you know to register on the PalmPay app and transact can earn you extra good money.

How does it work? When you invite anyone on your contact list using your invite link on the app dashboard, PalmPay pays you for every successful download of the app and transaction that your invites go ahead to make through your referral link.

A fee of N250 is paid to you for every successful referral. You’ll then need to complete five referrals to be eligible to withdraw from your PalmPay wallet for spending from as low as N2,000 and as much as you can earn through successful referrals.

Sports Betting

There are several ways to fund your sports betting account, but none comes close to using PalmPay. This UEFA EURO ‘24 season, PalmPay is bringing you an exciting opportunity to win fantastic prizes, including an iPhone 15 Pro and amazing cash rewards in its Bet and Win Big promo in partnership with iLOT, BetWay, BetCorrect, AccessBet and BetKing. Join in the thrill of the tournament while boosting your chances to win big with our special betting deposits campaign.

From June 14th to July 15th, 2024, make your betting deposits and stand a chance to win an iPhone 15 Pro and share in millions of cash prizes.

Airtime to Cash

You will agree that converting airtime to cash to earn money is an interesting idea. Do you remember back then when you bought more airtime than you needed and didn’t know what to do with the extra airtime? This feature erases that dilemma.

This feature, the first of its kind by a digital payment platform, enables PalmPay users to convert airtime to cash at ease, following just a few simple steps, after which the money equivalent is credited to their PalmPay wallet for onward spending.

As a PalmPay user, should you ever have extra airtime that you do not intend to use and want cash in exchange, all you have to do is click on the Recharge2Cash icon on the app, select the SIM network, enter the OTP sent to your phone, then select the amount you want to convert to cash and finally click on convert.

Cashback & Discounts

PalmPay is big on cashback and discounts. You get rewarded coupons or PalmPoints for almost every transaction on the app, from electricity, airtime and data to cable TV subscriptions. The cashback and discounts are respent on the app.

The cashback and discounts apply for the first five bill payments that you make in a month and range from 15 PalmPoints for your first airtime recharge of N100 to a 2% bonus in PalmPoints when you pay for Cable TV and electricity.

PalmPay offers new users various coupons for them to get cashback and discounts on the bouquet of services available on the app. PalmPay users have the privilege of paying less than the market value for the numerous services on the app.

In-app Promotions

Periodically, PalmPay rewards users with various in-app promotions which involve the users undergoing activities. One such is the ongoing 2023 AFCON tournament which PalmPay is partnering with TECNO, StarTimes and Bet9ja. Users who take part in the PalmPay AFCON Soccer Fiesta stand a chance to share N108 million and win free StarTimes subscriptions, betting coupons and loads of cashback.

Ready to kick off the excitement and make money doing so? Open your PalmPay app now and dive into the AFCON Soccer Fiesta for a chance to win big!

Trial Cash

Another first of its kind by any digital payment platform, the Trial Cash is a distinctive reward designed to let you explore the benefits of the app’s flexible savings feature. As with most PalmPay features, this comes with exciting rewards.

The PalmPay Trial Cash is not real money, however, users of the app are rewarded with a spendable daily interest of 16 per cent per annum sent into their wallet, which they can then go ahead and use to perform different transactions on the app.

Users can earn Trial Cash by completing daily tasks on the app such as transferring to a PalmPay wallet or adding money to their wallet from their bank account or agent.

Conclusion

If you plan not only to spend money this 2024 but also make money, there’s no reason why you should use any other digital payment platform for your transactions. PalmPay offers you incentives that no other platform does.

Not using PalmPay for your daily transactions? Go ahead and download the PalmPay app, follow the CBN KYC directive to update the app with your BVN and NIN and continue to perform transactions and make good money.


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Africa Needs to be Competitive, Says Chike-Obi, Fidelity Bank’s Chairman

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Africa needs to be competitive and efficient in its area of strength, according to Mustafa Chike-Obi, the Chairman of Fidelity Bank, who spoke with CNBC Africa’s Kenneth Igbomor on the sidelines of the AFREXIMBANK Annual meetings in Nassau, the Bahamas.

Chike-Obi emphasized the importance of focused and sharp leadership in harnessing the continent’s strengths to achieve prosperity. He highlighted the need for Africa to identify areas of competitive advantage in producing goods and services efficiently to unlock its full potential.

He pointed out that success stories in areas like sports demonstrate Africa’s potential when leveraging advantages. However, he stressed the crucial role of collaboration and seamless interaction among African nations and regions for sustainable development.

The chairman urged for enhanced integration to facilitate the movement of goods and services across the continent, emphasizing the necessity to work collectively towards common goals.

Chike-Obi also addressed the importance of prioritizing Africa’s strengths, such as power supply, through cohesive policies and agreements to drive economic growth. He emphasized the need for coordinated banking policies to promote financial integration within Africa and with external partners, emphasizing the significance of streamlined banking services and transactions.

The Chairman highlighted the African Continental Free Trade Area (AfCFTA) as a significant opportunity for economic advancement but called for more practical implementation to ensure its effectiveness. He underscored the importance of execution in translating policies into tangible outcomes for the African people.

Reflecting on the annual meetings and the discussions on trade and investment, Chike-Obi reiterated the critical importance of collaboration for Africa’s progress, emphasizing that unity and concerted efforts are essential for realizing the continent’s potential.


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