Hello Nairalanders,

Well, it's about the new CBN policy on PoS Stamp Duty Collections. Another way of extorting the mass from the government; this government seem they can keep coming up with orders/taxes/charges as they want so as to keep taking from the mass without the mass revolting... well, let's see how long it keeps going this way. (Nigerians have a way of consuming "shits" all in the name of IT'S NOT ONLY YOU)

You said you're working towards cashless policies, yet you are charging the PoS merchants more for the services they render hence increasing their service charge as a result discouraging people from using the platform. This implies people will start carrying cash about just to avoid unnecessary charges. I wonder if these people making these policies think at all; how can you be encouraging and discouraging cashless market at the same time...

PoS stamp duty collection order from CBN is a law that the commercial banks deduct 50# from each transaction that is above #1000 done on a PoS. That means if you are a POS merchant and you have 30 customers within a day to either withdraw, deposit, transfer fund or even pay for a product or service using PoS, your bank will charge you #1500(30X50) as the new CBN policy plus the bank's normal charges.

I wish this insensitive policy can be suspended.

(I could be wrong though)

This just happened to me, and I have been loosing customers to those that I feel maybe they are not aware if that, how can I do 1000 withdrawer with 50, and the bank will collect their normal charge, and CBN will still collect 50, are my working for CBN? Or how do I pay rent with such? I can't take this shit.. If they want to move no problem

EMPEROR48:
This just happened to me, and I have been loosing customers to those that I feel maybe they are not aware if that, how can I do 1000 withdrawer with 50, and the bank will collect their normal charge, and CBN will still collect 50, are my working for CBN? Or how do I pay rent with such? I can't take this shit.. If they want to move no problem

It is well, I sincerely feel your pain. Try advice your customers to do transfer to your bank account directly if they want the old service charge rate, hence the flow won't pass through PoS.

It is alarming how we keep accommodating "shits" in this country. I fear for the future of this country if selfish, callous and demanding policies like this keep having it's way in our society.

EMPEROR48:
This just happened to me, and I have been loosing customers to those that I feel maybe they are not aware if that, how can I do 1000 withdrawer with 50, and the bank will collect their normal charge, and CBN will still collect 50, are my working for CBN? Or how do I pay rent with such? I can't take this shit.. If they want to move no problem

You may consider SmarTransfa. You make money on your transactions instead of spending. Find out more about it:

https://www.yooglo.com/index.php/topic,2498.0.html

It is Nigeria innovation to cashless policy from merchants and customers value perspective.

It's well

May God help us in this country, I guess all they want is for the youth to become criminals, so they can kill dem all and see who becomes leaders of tomorrow.

EMPEROR48:
May God help us in this country, I guess all they want is for the youth to become criminals, so they can kill dem all and see who becomes leaders of tomorrow.

I believe the yoruba proverb which says "every day is for the thief, one day is for the owner of the house." it means that when you are doing something fraudulent, it is possible to keep doing it until the day when it suddenly stops working