Customers to pay more for PoS transactions

Bank customers are to pay more for Point of Sale (PoS) transactions. This follows a Central Bank of Nigeria’s directive to banks to charge N50 Stamp Duty on individual transactions.

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 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.

Merchant Service Charge was also reviewed downward from 0.75 per cent (capped at N1, 200) to 0.50 per cent (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

– The Nation