Last year, the Central Bank of Nigeria made some significant changes to charges from banks and other financial institutions reviewing the costs downwards.
The institution further announces that measures will be put in place to ensure the intense implementation of the cashless policy as it puts in place directives to drive this into fulfilment.
Stores in Nigeria with POS options available for payment must comply to a new rule is made that there should no longer be ₦50 charges on payments. It is expected that by 31 July 2020 everyone is already implementing this deadline.
“By this directive, all PoS terminal must have the capability for transaction pre-authorization and sales completion. All card issuers are required to build the capability and enable the processes for pre-authorization and sales-completion of transactions. Card schemes are also required to provide online simulators for acquirers and issuers to test their systems, when necessary.”
Musa Jimoh said
The Point of Sale (POS) has been a useful tool to drive the implementation of the cashless policy in the country and the Central Bank of Nigeria wants to, by all means, make it work even more.
The ₦50 charges will now be deducted from the business and not Customers. Other directives put in place is the reduction of the fee charged on the third withdrawal of the month for using the ATM.
The fee has been slashed from N65 to N35. And also charges for card maintenance have been reviewed to N50 every three months as opposed to the time it was deducted monthly.
