Cybersecurity Levy: Time to Explore New Money Transfer Options
In the most recent episode of “Renewed Shege”, Nigerians have woken up to yet another thing to worry about. This time, it’s a new cybersecurity levy that’ll have citizens paying 0.5% on every electronic money transfer as “cybersecurity tax”. Meaning, you’ll need to pay ₦50 to send ₦10,000, separate from the normal stamp duty and other bank charges.
That’s a whole lot, so we had to figure out ways to avoid this billing.
Babalawo spiritual transfers
That’s a terrible name, but hear me out. If babalawos can make money appear out of thin air during money rituals, what’s stopping them from taking it a step further by helping a client “spiritually transfer” money to someone else?
Bring back bus transfers
Are you even a Nigerian student if your parents didn’t send money to you through an interstate driver? Of course, they hid the money inside garri so it wouldn’t grow wings. If you deep it, you’re killing two birds with one stone. Sending an item to someone and transferring money free of charge.
And bank deposits
According to CBN, the levy doesn’t apply to transfers done over the counter at physical banks. We shouldn’t need to make bank deposits in 2024, but it is what is.
Send the money as data
So they can sell it to get cash. And just like that, you’ve opened a business for them too. We rise by lifting others.
Or as fuel
Fuel scarcity happens every market day in Nigeria, so they can even make a profit. How will it get to them, you ask? We’ll cross that bridge when we get there.
POS agents
At this point, there’s no difference between doing it yourself and paying someone else to do it — you’ll pay extra for both. At least, with POS agents, there are fewer cases of your bank app disgracing you.
Stop transferring money altogether
Where did you even see the money you want to give out? It only means you have enough to spare and the federal government is right to tax you more.
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