Home Business CBN Cautions Nigerians Against Paying N50 POS Service Fee

CBN Cautions Nigerians Against Paying N50 POS Service Fee

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The Central Bank of Nigeria (CBN) has warned individuals against paying the N50 service charge when making payments with a point of sale (POS) machine.

Musa Jimoh, a director in CBN’s payment system management department, explained that only businesses using the POS are to be deducted N50 per payment received through the machine and not customers.

“No single individual should pay N50 in addition to the cost of the good,” Jimoh said in an interview on Channels Television.

“Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchant. The merchants who are receiving the money are the ones who are supposed to pay.”

“What has happened is that they (banks) have transferred this fee, blatantly and openly to the consumers. This is very wrong,” Jimoh said.

“Our explanation to banks is that we would like the merchants to comply with this directive by ensuring that every single payment customers make to them, the merchants pay the regulated stamp duty of N50,” Musa added.

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