Central Bank Of Nigeria To Increase Charges On PoS Transaction

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The Central Bank of Nigeria has directed the strict implementation of Merchant Service Charge, which would impose more charges on all point of sale (PoS) transactions.

 

This is coming few days after the apex bank announced new charges on withdrawal and deposit of funds above N500,000.

 

The directive on the 'Unbundling of Merchant Settlement Amounts' was contained in the CBN circular to banks, processors and switches, titled: 'Review of Process for Merchants Collections on Electronic Transactions', The Nation reports.

 

According to the CBN, the new policy stipulates 'Stamp Duties Payment' on individual transactions that occur on PoS, rather than previous plans where charges occurred on aggregate transactions.

 

The circular signed by CBN Director, Payments System Management Department, Sam Okojere, authorised banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulators.

 

The merchant service charge was also reviewed downward from 0.75 percent (capped at N1,200) to 0.50 percent (capped at N1,000).

 

The CBN and Nigeria Interbank Settlement System (NIBSS) are working closely, including setting emittance processes that ensure the stamp duty charges for PoS is collected.

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294 Comments

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  • Emmauel Olajoseph December 20, 2019 02:01:15 PM
    Interesting
  • Abah Emmanuel December 17, 2019 10:42:28 PM
    Hmmm Nigeria. Wow
  • Ogbonna valentine ugonna December 17, 2019 10:11:40 PM
    Nice update
  • Ayomide Samuel Aina December 16, 2019 06:10:02 AM
    Why nah they should leave it the way it was nah Government should find a solution to this
  • Ogoegbunam Christian December 14, 2019 08:23:43 AM
    Whats wrong with CBN
  • Peter Daniel December 11, 2019 12:17:31 PM
    Good information
  • ewache benard December 11, 2019 11:08:44 AM
    good update
  • Sunday Ayobami December 4, 2019 11:58:32 AM
    It should reviewed
  • Abasifreke Ubonabasi December 4, 2019 09:09:09 AM
    Leave a comment or
  • Kayode A peter December 3, 2019 09:08:42 AM
    CBN lacks idea maybe they borrow some
  • Abayomi Gbolajobi December 2, 2019 11:34:57 PM
    It should be reduced instead of Increasing it
  • patrick wisdom December 2, 2019 09:42:50 PM
    why, its not ok they should at least help us reduce it
  • Feyisara ishola December 2, 2019 02:10:29 PM
    Leave a comment really
  • Nwamana Chukwuemeka December 1, 2019 09:32:19 PM
    What the hell
  • Ronaldo Ofili December 1, 2019 06:46:48 PM
    This country just getting worse by the day
  • AYORO ABRAHAM November 30, 2019 06:45:29 AM
    Nice update again
  • Asu Okey November 29, 2019 11:36:43 AM
    Nice update
  • Ezekiel Emmanuel November 27, 2019 08:05:24 PM
    But why the charges are normal
  • Kalu Joy November 26, 2019 02:57:50 AM
    Disheartning
  • Ekpemogu Emmanuel chinazunwa November 22, 2019 11:56:23 PM
    Candynews for life
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