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.
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.
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