CBN's cybersecurity levy X Microsoft shuts down ADC in Nigeria

Well well well, CBN strikes again, this time they did not come for the FinTech only they cam for the users, and they came to tax them all, for 0.5% of all their money. And Microsoft may just layoff its Nigerian staffs or shutdown the branch. Timestamp: 00:00 - Introduction to The Evening Dew by Drounz 00:08 - Microsoft may shut down its innovation center in Nigeria 00:40 - Unconfirmed reports about the closure of Microsoft's center in Lagos 01:01 - Previous layoffs at Microsoft's African Development Center in Nairobi 01:20 - Speculations on the reasons behind these closures 01:33 - Introduction to Nigeria's new cybersecurity levy 01:52 - CBN's circular on the cybersecurity levy for banks 02:17 - Details on the 0.5% cybersecurity levy on electronic transactions 03:32 - Exclusions from the cybersecurity levy and penalties for non-compliance 03:49 - The cybersecurity levy will start on May 20, 2024 04:04 - Background on the cybersecurity levy from the original 2015 Act 04:27 - Discussion on the Nigerian government's implementation of the levy 05:09 - Closing remarks and end of the episode Our sources: https://www.techloy.com/microsoft-may-be-shuttering-its-innovation-centre-in-nigeria/ https://www.cbn.gov.ng/Out/2024/CCD/CIRCULAR%20REF%20PSMDIRPUBLAB017004%2006052024.pdf This podcast is managed by whatspodcasting. Subscribe to the ⁠⁠⁠whatspodcasting⁠⁠⁠ newsletter for podcast recommendations.