The Central Bank of Nigeria has clarified the issue of payments of N50 charges by merchants who use Point of Sale machines for cashless transactions, insisting that nobody should pay extra on goods and services.
“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 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. Mr. Jimoh explained that because the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties.
Does that even make sense? The last time I purchased with a POS, they said I either pay the ₦50 or I forget it! So in this case, what is one to do? Or they'll just secretly include it in your bill. CBN should just scrap this whole nonsense. You task the middle men for the 👉👉
What a country! Many months after unsuspecting masses has been defrauded greatly, then this information is pushed out? I truly praise Nigerians. With all the crushing economic policies, still we arise, resilient and still motivated. God bless Nigerians
The merchant are still collecting this 50naira especially Gas stations.Please CBN needs to do something
Since we the masses were robbed cos I’m sure these merchants knew yet made us pay all these while will we be refunded all these monies? I just dey ask o🤔
While buying PMS of N4,000 using my VISA card on the POS of Rain Oil Barnawa, Kaduna the Pump Attendant added N50 to the total cost; while politely trying to tell him to bear the cost as merchant he became abusive. I have to pay, Merchant greediness won't allow compliance.
Leave me more confused...
I still don’t get it. So the Stamp Duty is charged on what exactly? Cos almost every POS usage now has the extra N50 added to it!
cenbank please furnish us with a hotline to report businesses that still carry out this extortion alongside side the banks that issued them the POS device. Consumers can not be paying for them to do business. Its preposterous
Las Las the last man go pay
Stamp duties are a form of indirect tax, so they will eventually be paid by the consumers.
Shebi na una go come tell me who to pay. By the time I tell the customer to pay, maybe una go come arrest me. Idiots with stupid taxes, rules and regulations! 🤡🤡
We been paying this for a month now
Is this a new law
How do we get the merchants to refund the fees that they have charged clients or customers?
Now who will refund all my N50
Biz don pemmen!
Again I ask, what about mobile money agents
So, how will CBN or FG ensure just merchants pay? This is my problem with Nigeria. Always leaving the masses to do their jobs.
Hen hen, i don pay am tire.
Pure cheating
Sigh
c4cornel
Hmm.. Its even N100 in my area.
Am selling Indomie super pack 3150 my profit 50 stand duty 50 don't forget aside stamp duty there is another charges on merchant, if you can't pay d 50 ready to buy it 3200
Nice one
cenbank Merchant will always find a way to transfer the charge of N50 Stamp duty to their Customer for using POS. The best you can do for us is to stop stamp duty on POS transactions. Stop giving an order that is impossible for they to obey
Who refunds all the ones we have paid?
So, a merchant that has only a profit of a hundred naira on an item that cost 1,100 should pay 50 for a customer because he or she want to do cashless policy? cenbank should better have a rethink.
CBN should send memo to all bank
It's unfair on the part of merchants. Hw do merchants account for the multiple 50 charges on POS used.
I hear
I wonder how this instruction will play out. For instance, you have reached an agreement with the dealer and at the point of payment you bring out bank card. The dealer says...'that will incure additional charge of 50 naira.' You refuse. Deal aborted. The dealer keeps the goods.
There is no difference with what you have just said. Before now merchants are only charged less than 1% of pos transactions. So why will you now add extra 50 to Pos transactions to Merchants.Of course it increases their cost of transaction and thus will be beared by the customer
You have reached an agreement with the dealer and wanted to pay for the good using your bank card. The dealer says...that will incure additional charge of 50 naira. You refused. Deal cancelled. The dealer keeps the goods. Who lost?
It is only N50, we pay N100 per transaction. This country seems to be confused especially the CBN. Always saying one thing and do something else.
Interesting. I love this
Wicked people, all of them are birds of the same feathers.....they are done making millions from Nigerians, now they want to pretend like they don't know about it.
Then I need my refund.
N400,000 was deducted from my account as a merchant from September 17th to date. They finished my capital. Now am strongly to do business.
yussufolatunji just take a look at this
Take action(disciplinary)
cenbank it is not enough to say it, what actions are in place to stop defaulters!
When we copy in Nigeria, we add jara to it. What’s the best practice in countries that have been using POS before we even dreamt of it. I’m not understanding the concept of N50 on every sales you made, what happened to business or corporate tax, after all the accts are corporate
As a business man, how feasible is N50 p.a. fair to me? To illustrate: I purchase a good worth N200 exclusive of various added cost, and I see that good for N250. The consumer would not acquire the cost for not paying in cash but I should?
Nigeria is a big JOKE...CBN talking nonsense..please why are they even charging us 50.isnt cos of their selfish interest.
So are we going to get a refund!
salamsalam08 It shouldn’t be ‘nobody should pay...’ It should be ‘no bank should steal...’ 😹
Story
When they're now charging automatically ?
So who is collecting the 50 naira after they would have removed there's
Neyoking_ Na 40 naira then they charge here from day one
Ok
BhadmusAkeem has explained everything u need to know about this stupid N50 stamp duty charges on every POS transactions from 1000 upward. cenbank kindly go through his page to read his tweet on this stupid policy of URS cos that's every merchant thinking
CBN said this and that Oga reality matter pass today being 23-12-19 I transfer 2500 from zenith to uba normal charge 52
All the charges paid already should be return.
I bought some stuff at a mall yesterday and i was charged 50, what is cbn saying.
I still pay today o!
Hope all the NNPCgroup mega filling stations take note
this is just a talk ,they shld work the talk because they deduct directly from our accounts. Stamp robbery
GabrielOtung Yen yen.. naso them dey talk
A don pay am a few times Ooops!
Too much fraud by operators of POS, they can transact without identification of their machine and can transfer money to another account different from which you are alerted. CBN pls work on this bc there are many cases in court over wrong alert by mysterious POS.
ayemojubar Give us numbers to call in case we want to report people that are charging the N50 fee
Cc: BhadmusAkeem how true is dis
ayemojubar Utterly ridiculous. So who should pay?
So na N500 make we Dy pay?
ayemojubar Must we use pos? Go to the ATM withdraw your money and go buy whatever you want to buy, simple and short
With this, no merchants will be willing to accept payment by POS. In fact, they will stop the use of POS and request for cash. They can't keep on remitting ₦50 from their small profit. This should either be stopped or reduced.
I wonder wat dat money is for? It’s so annoying 🤬🤬🤬
Join here if you're interested in learning about forex. Strictly for serious People *ONLY*
You’re only about to make cash a much more attractive option to pay bills and services really because business will outrightly STOP taking POS payments or just add N50 to each item sold/ service rendered. Whatever effect this has solely falls at the detriment of the consumer
Is it nw free
Let them reverse the ones we have paid before this clarification.
I still did this morning. Thank you for the information.
I still got charged 65 for ATM withdrawals
cenbank lost the power to determine charges collected by vendors when they placed charges for using cashless media for payments. Shame on you cenbank
This makes absolutely no sense. Is the act new? If not is cbn insinuating that banks have been failing to collect stamp duty on pos transactions? Or have banks been collecting but failed to remit same to the Govt? cenbank
That policy would have killed pos.
Is this a fresh or stale news? People are smiling to bank already.
Come see vat they deduct almost 3k
Most fuel stations here in Owerri does it...
iam_yungkendo As if the stuff isn't automatically debited
In other for pos merchant not to pass the cost of doing business to customer's we must get to the stage of make our financial setup robust for one to be able to pay and accept cashless settlement even at our local market for Petty items
It's too late
boasonbusiness cenbank ,DrJoeAbah , this is news to me, I've been consistently charged N50 on every POS transaction even today I paid this charge at a filling station and supermarket . Please CBN should enforce adherence to this directive. Merchants are fleecing us .
We thank who na oooo... I think our country is gradually going back to factory reset.
Effect from when? Cause I paid it 30mins ago.
cenbank is confused, you mean you guys are not aware that we have been paying since day 1? Your directive was confusing and merchants took advantage of us even till now.
Tell POS people in Owerri ohhhh especially imsu area they collect too much money😫
Fake news. Y’all should actually read the story before jubilating. These fuckers are just saying the N50 should be borne by the merchants not like the charge has been removed 🙄
Not until January Oga.
D charges z uncall for.. Can't just imagine withdrawing 500 naira n pay 100naira 4 charges.
Even if the merchant pays... It defeats the aim of the cashless policy. If am a merchant and am short change cos of customer used POS. Is it not better I collect cash? The CBN is suppose to drive cashless society and not shortchange pple for going cashless.
The thing here is that our regulatory bodies and some advisers to the government advise wrongly. How can an Act be against the chances of achieving another policy - the cashless policy?
Thank God,I saw this news
Who CBN dey deceive? The amount they charge is 1k to 2k - 100naira charge 5k to 10k - 200naira 10k to 20k - 300naira 20k upwards - 500naira. I paid 200naira to a PAGA agent today for withdrawal of 5k. CBN is the cause. Financial institutions interest in placed higher.
They won’t hear
Laugh 😁,,, and who will suffer it? We, Emefiele isn't the one the POS people will deny money,,, I'll appreciate if there's any other way to enforce this than just press conference.
c4cornel
Una just wake abi, eyin ole
Useless people, book is different, intelligence is different.
Fuel station will always insist
something that those thieves have programmed their POS to deduct?
After they have collected enough...
Paid yesterday, hope is a new development?
Why is foreign currencies going up in December
I read the content expecting to see that there was no such charge from the CBN. Sorry, that's not it, the charge is confirmed and expectedly the vendor will pass it to the customer. Each of us would do the same
Another good news..... 2020 will be great surely
~ there should be no POS charge, in the first instance! The Nigerian bankingcharges minefield should be promptly deactivated and the inherently antisocial misdemeanours addressed squarely.
I feel cenbank the memo should sent to all the Banks and all the charges deducted be returned to all Nigerians account.. MobilePunch
100 - 200 naira pay in my area
They have woken up from their slumber.
I hope they know we don’t have much of a choice until there’s an actual action.
100 naira in most cases!
We paid 100 so?
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