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Merchants Dump POS, Inactive Terminals Hit 131,201 - Business - Nairaland

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Merchants Dump POS, Inactive Terminals Hit 131,201 by n9jaboy: 1:53pm On Nov 22, 2019
Some retailers using Point of Sales terminals to receive payments have abandoned the device and reverted to cash payments, investigation has shown.

Some of them who spoke with our correspondent said the decision to dump the PoS devices meant to facilitate cashless transactions was because customers declined using the terminals to avoid paying N50 stamp duty charge.

The Central Bank of Nigeria, in a circular to banks, processors and switches on September 17 had authorised banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual taxes and duties on individual transactions.

The CBN directed all PoS and web processing officers to ensure that stamp duty was correctly processed daily by downloading transactions valued at N1, 000 and above, multiply the count of the transactions by N50 and pass the corresponding debit to the respective merchant accounts.

A retailer dealing in Fast Moving Consumer Goods in the Ogba area of Lagos, Mr Kola Alade, said the N50 stamp duty charge was an unnecessary burden on customers who did not see the value in the deduction.

He called on the government to have a rethink as the directive was discouraging cashless payments.

“Sometimes, I have to ask some of my sales representatives to accompany my customers to Automatic Teller Machines to collect cash because they have refused to use the PoS,” Alade said.

Another grocery store manager in Ikeja, Mr Philip Bassey, said payments with the PoS terminals had drastically reduced and his terminals had become redundant.

This development may have informed the reduction in the number of active terminals that had been registered for transactions.

Statistics obtained from the Nigeria Inter-Bank Settlement Scheme showed that the number of inactive PoS terminals in the country tripled in the last 10 months to reach 131, 201 in October.

In January this year, NIBSS data showed that the number of inactive terminals was 43,320.

Out of a total of 404,283 terminals that had been registered by Nigerian banks as of October, only 273,082 had been deployed for cashless transactions.

The data showed that a total of 150,153 new PoS terminals were registered by banks for cashless transactions across the country in the first 10 months of the year.

In January, 7,975 new terminals were registered by Nigerian banks, in February, 5,854 terminals were registered and 2,161 PoS terminals were registered in March.

In the month of April, the number of new terminals obtained by merchants recorded a boost as 17,102 PoS terminals were registered by banks.

In May this year, 9,967 new terminals were registered by banks while in June, the registered terminals reduced to 1,297.

A total of 11,234 new terminals were registered in July; and 7,844 PoS devices in August this year.

September saw new PoS registration peak with 69,248 new terminals while 20,065 new PoS terminals were registered in October.

The President, Association of Mobile Money and Bank Agents in Nigeria, Mr Victor Olojo, confirmed the dwindling PoS transactions, saying it was unprofitable for merchants to continue using the devices without charging customers.

He said, “We have filling stations and big merchants who have actually dumped the PoS because customers have declined using it and in other cases, it is not profitable any more when they don’t charge customers; they have to bear the cost of the N50 stamp duty.

“To a large extent, the PoS is still a very important tool for agent banking and in most cases, the agents try to push the N50 stamp duty charge to the end users.”

Source: https://punchng.com/merchants-dump-pos-inactive-terminals-hit-131201/amp/?__twitter_impression=true

12 Likes 2 Shares

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Oxtertee: 2:59pm On Nov 22, 2019
FTC shocked, it's a good omen.
Hmmmm, I wonder why a femine will be dragging FTC with a masculine. undecided undecided undecided

Back to topic....why won't they abandone it, when the operators are now targeted by armed robbers in some states.

5 Likes 2 Shares

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Ewedegubbler: 2:59pm On Nov 22, 2019
Change indeed

2 Likes 1 Share

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Mubbyleey(m): 2:59pm On Nov 22, 2019
Is anything ever gonna work in this country... Government keeps dishing out unfavourable policies....
We are on a long thing with this scam government.

93 Likes 4 Shares

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Elijahrona(m): 3:00pm On Nov 22, 2019
I can't pay extra N50 for something that doesn't cost more than 1k.

96 Likes 3 Shares

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by tstx(m): 3:00pm On Nov 22, 2019
Chai
Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by o9o9: 3:00pm On Nov 22, 2019
Common sense ain't common in Nigeria

41 Likes 1 Share

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Henriksen(m): 3:00pm On Nov 22, 2019
Gin gin
Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Muhammad2468(m): 3:01pm On Nov 22, 2019
oya oya

hit me
Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by JimohMomoh: 3:01pm On Nov 22, 2019
I have stopped using Pos for almost a month. I now use cash, especially N1k notes whenever I make transaction in supermarkets, filling station and hotels.
The money saved is enough for me to load recharge card with USSD code on my phone.

Herdsmen don't pay tax but FG is giving them free land for RUGA.

271 Likes 12 Shares

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by ckmayoca: 3:01pm On Nov 22, 2019
Bad
Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by OlujobaSamuel: 3:01pm On Nov 22, 2019
Lol, I now use my cash to pay too, I don't have time for nonsense.
Very soon 7.5% vat plus ₦50 stamp duty.
Ti ọmọde ba gbongbon kikú, agba a gbongbon ṣinṣin (if a child is wise in dying, the elder will be wise in burying)

72 Likes 1 Share

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by 1mrprolific7(m): 3:02pm On Nov 22, 2019
Stupid government

86 Likes 5 Shares

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Olukat(m): 3:02pm On Nov 22, 2019
This government investments are voting and taxation. angry
I learnt their rubber stamp Senate President was in a hurry to pass 7.5% V.A.T

21 Likes 1 Share

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by donbrowser(m): 3:02pm On Nov 22, 2019
Too bad

2 Likes

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by OakConsultNG: 3:02pm On Nov 22, 2019
Interesting...

Do check out our signature and page for your company and business registration.
Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by gurunlocker: 3:02pm On Nov 22, 2019
#50 POS charge and now we have 7.5% VAT.....


Isn't that next level? Guess what? It doesn't affect zombies shocked

8 Likes

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by nototribalist: 3:03pm On Nov 22, 2019
APC government is a cursed to this country. Every good thing must be destroyed, Why?

Now they want to shut down Uber in Abuja . They've shut down Keke in FCT with no alternative for the masses and they're now disturbing Uber drivers too.

When they claim they will create 100m jobs I wonder how

29 Likes 2 Shares

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Flexherbal(m): 3:03pm On Nov 22, 2019
Some of them who spoke with our correspondent said the decision to dump the PoS devices meant to facilitate cashless transactions was because customers declined using the terminals to avoid paying N50 stamp duty charge.
Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by ursullalinda(f): 3:03pm On Nov 22, 2019
I'm so tired of this government......performing in anti clockwise direction.....na waoh

14 Likes

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by shugaboy6102(m): 3:04pm On Nov 22, 2019
Na so I de look this useless govt

9 Likes

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Angelfrost(m): 3:04pm On Nov 22, 2019
Instead of asking merchants to charge stamp duties, why not include that in cost of commodities...

But, the charges are becoming innumerable as the days go on...
Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by irepnaija4eva(m): 3:05pm On Nov 22, 2019
Haaa.
Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by hucienda: 3:05pm On Nov 22, 2019
Proactive response from the masses to senseless, poorly thought-out directives.

How do you encourage cashless policy then in one full swoop, all of a sudden, discourage it with this kind of policy? What kind of country is Nigeria?

36 Likes 5 Shares

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by codedguy1(m): 3:05pm On Nov 22, 2019
Cashless Cashful policy. grin

This government wan confuse all of us as they are confused.

ATM line don dey long pass as e be before no be say the line no long before.

And you will see 10 ATMs only 2 will be working.

Godairpus grin

8 Likes

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by irepnaija4eva(m): 3:05pm On Nov 22, 2019
***Picks up the mic..***

All APC supporters must pay through POS,
I repeat All APC supporters must pay through POS..

Meanwhile..

All wailing wailers should proceed with the mode of payment..via paying cash.


10-Q. grin grin grin

24 Likes

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by solmusdesigns: 3:06pm On Nov 22, 2019
cool




Policy sormersault


FG would either keep spending billions on printing mint currency or fore-go 50 naira stamp duty, its that simple las las Nigerians are one of the most evolved Homo sapiens ever , you cant box us we always find a way



..

13 Likes 2 Shares

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Nobody: 3:06pm On Nov 22, 2019
gurunlocker:
#50 POS charge and now we have 7.5% VAT.....



Isn't that next level? Guess what? It doesn't affect zombies shocked
Afamed, mrchineke, metaphysical and helinues will be very happy with even 50% VAT grin

Sai mama.

Cc lzaa gmbuharii

17 Likes 3 Shares

Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by Houseofglam7(f): 3:07pm On Nov 22, 2019
undecided
Re: Merchants Dump POS, Inactive Terminals Hit 131,201 by loadedvibes: 3:08pm On Nov 22, 2019
Lol.. before nko

5 Likes

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