₦airaland Forum

The Central Bank of Nigeria (CBN) has clarified the issue of payments of N50 charges by merchants who use Point of Sale (POS) machines for cashless transactions, insisting that nobody should pay extra on goods and services.

The CBN explained that the N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies.

Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive.

“Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepresentation of CBN directive. What our directive says is that merchants should pay all necessary tax as regulated by government agencies including stamp duty.

“What we told the merchants is that we would like the banks to ensure that the merchants comply with this directive by ensuring that every single payment that customers make to them, the merchants pay the regulated stamp duty of N50.

“What has happened is that they have actually transferred this fee blatantly and openly to the consumers; this is very wrong. No single individual should pay N50 in addition to the cost of the goods.

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

Mr. Jimoh explained that because the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties.

“Stamp duty is not a CBN regulated fee, it is a fee regulated by an act, and so we can’t change or push anything in that direction.

To this, the stamp duty remains and cannot be changed by the CBN, what we are doing is to ensure that the institutions we regulate (the banks) become more responsible to ensure that these fees are collected and given to the government.


Source: https://gidifeed.com/nobody-should-pay-n50-charges-on-pos-transactions-says-cbn/
Lalasticlala OAM4J, Mynd44

Such degree of stupidity from an organisation as high as CBN.

So if I'm in a queue in a filling station and it gets to my turn, the attendant quickly announce to me that N50 is charged for POS, I should present this report to him as a reason not to be charged the N50?

The N50 doesn't go into the account of the filling station, it is redirected into the account of either the receiving or the sending bank for onward transfer to whichever govt account.

Instead of issuing a directive to the relevant authorities to criminalise such practices, they are there saying no one should pay the charge.

Nonsense and ingredient.

@Simplyleo

He be like say na gas station u de hustle o...... Cos he pained you for stopping the live stealing of individual hustle.........what's the 50# for when you're still going to pay account maintenance when due from ur aza.

fernandez1:



@Simplyleo

He be like say na gas station u de hustle o...... Cos he pained you for 50 stopping it...

So the statement above suggests I work in a gas station?

Sometimes, it is more appropriate one keeps shut rather than making comments that end up throwing ignorance to the surface.

Comprehension is obviously a problem for you, and that ain't anyone's fault but your English teacher Buhari.

Besides, what happens to gas station workers? Aren't they economically better than you?

The way you people reason can be very amusing. So working in gas station is now derogatory? These are the same people amused with being a Yoruba practising Islam.