VIDEO: How introduction of N50 charge on POS transaction threatens Financial Inclusion

Both bodies are working closely in setting remittance processes that ensure the collection of stamp duty charges for the POS.

The federal government recently mandated the Central Bank of Nigeria to strictly implement Merchant Service Charge, which would impose more charges on all POS transactions.

To this end, the central bank issued a circular to banks and other stakeholders titled, ‘Review of Process for Merchants Collections on Electronic Transactions.’ Accordingly, the Nigeria Interbank Settlement System (NIBSS) also issued a circular titled, ‘Returns on Stamp Duty Collection for Merchant Transactions.’

Both bodies are working closely in setting remittance processes that ensure the collection of stamp duty charges for the POS.


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About Azeezat Adedigba

Azeezat Adedigba covers the education and labour sectors for PREMIUM TIMES. She is also an investigative journalist and the winner of the 2019 Female Reporters Leadership Program (FRLP) organised by Wole Soyinka Centre for Investigative Journalism (WSCIJ). Azeezat is passionate about women and children advocacy. She holds a degree in Mass Communication from the University of Jos. She can be reached on Twitter @Adebimpe57.

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