An official of the Central Bank of Nigeria (CBN) has issued a circular saying individuals are not supposed to pay N50 naira charges when making a payment with a Point of Sale (POS) machine at business outlets.
According to the CBN financial guide, Musa Jimoh, a Director in the CBN’s payment system management department, who explained that only business using the POS are to be deducted N50 per payment received through the machine and not customers to bear the brunt.
The apex bank directed that no single individual should pay additional N50 for doing any transaction or added to the value of goods they buy, Jimor made this statement while granting audience to Channel Television.
Jimoh said the N50 stamp duty is not to be paid by individuals that are consuming the goods and services of the merchants but should be other way round.
Prior to Mr Jimors clarification, some Media platforms reported that consumers would pay more for POS transactions after the CBN stamp duty.
He revealed it was illegal for banks to be imposing the N50 naira charges on customers and advised that they comply with the CBN directive or face sanction.
He explained that what happened was that the bank blatantly transferred the liability to their individual customers instead which he revealed is illegal.
He revealed that henceforth, the merchants should comply with the directive by ensuring that all transactions a customer makes to them will attract the N50 charges as the stamp duty.
He explained that stamp duty is a fee regulated by an act that is not regulated by the CBN.
Jimoh said it was a misrepresentation by the merchants to transfer the payment of the N50 to the customer which their law was explicit on it.
He concluded that the N50 charges is applicable to only transaction other than savings account and the money involved is up to N1000.
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