More Nigerians to shun transactions using PoS over implementation of ₦50 additional charge

More Nigerians are now shunning transactions via Point of Sales (PoS) terminals; owing to the implementation of a ₦50 additional charge by merchants, as imposed by the Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter- Bank Settlement System (NIBSS). The CBN described the new service levy as Stamp Duty Charge.

The Guardian investigations showed that customers now avoid ePayment platform in preference for cash deals, thereby throwing a big spanner in the Federal Government’s financial inclusion drive and in particular, the CBN’s cashless policy.

Customers, who previously cheered CBN’s decision to infuse the policy, saying it would eliminate the risk of carrying cash and reduce the cost of printing Naira notes, have criticised the move to collect stamp duty charges on PoS transactions.

It must also be mentioned that other payment channels, including the automated teller machines (ATMs), Instant Transfers, Online Banking, and Mobile Banking are still seriously challenged. Already, financial transactions are replete with all manners of excess charges by the banks and merchants, even when services are not delivered as and when due.

According to the CBN 2017 to 2019 Banking Guide, Nigerians, especially bank customers are made to face several charges by the financial institutions. These include N52.50k monthly card maintenance fee; N65 after third withdrawal in ATM interbank fees. Most times, banks remove the N65 at the first and subsequent withdrawals.

The banks still deduct N4 for SMS alerts, including unsolicited ones for birthday wishes, national and international day celebrations and operational updates. There is also N52 deduction in electronic transfer service. Banks also collect as much as N4,000 as fee for hardware token and N4 for one-time pin (OTP) SMS charge as well as N20 per page of a Statement of Account, among others.

While all these are imposed, then comes the N50 Stamp Duty Charge on Nigerians, who use the PoS terminals.

According to customers, the new N50 charge, which has been implemented by many fuel stations and supermarkets in Lagos, has become a burden and a source of worry to them and merchants as well.

Comments

Court orders Okowa government to account for over N200bn education funds, allocations

Court orders Okowa government to account for over N200bn education funds, allocations The Federal High Court sitting in Lagos, in a landmark judgment, has “ordered the disclosure of the spending details of over N200bn public funds collected by the government of former Delta State governor Ifeanyi Okowa from the Universal Basic Education Commission [UBEC] fund and allocations from the Federation Accounts.” The court ordered the Delta State Governor Sheriff Oborevwori to “disclose details of budgetary allocations and actual spending by the Okowa government between 2015 and 2019, including specific projects carried out to improve primary education in Delta State, and the locations of such projects.” The judgment was delivered by Honourable Justice Daniel Osiagor, following a Freedom of Information suit number: FHC/L/CS/803/2019, brought by Socio-Economic Rights and Accountability Project (SERAP). In his judgment, Justice Osiagor held that, “SERAP has cognizable legal right to inquire and

Olu Of Warri Defends Tradition, Speaks on Christianity

Olu Of Warri Defends Tradition, Speaks on Christianity The Olu of Warri, His Majesty Ògíamẹ̀ Atúwàtse III, has dispelled the insinuation that there is a conflict between the traditional thrones and Christendom. The monarch, who stated this when he received the Soun of Ogbomoso land, Oba Ghandi Afolabi Olaoye, Orumogege III, in his Palace in Warri Kingdom, Delta State, said that the two institutions were not necessarily antithetical. He also debunked the assumption that traditional institutions were synonymous with fetishism and the worship of creations made by human beings and reasoning. He, however, noted that the two institutions can play complementary role that will contribute to the growth and development of the country. The Olu, who said he was elated by the Soun’s visit, said the new Ogbomoso monarch’s choice of Warri kingdom as his first place of visit was divinely directed, just as his choice for the throne was divinely ordained. He said that they owe i

Many Benefited as Tantita Save Niger Delta From Enviromental Ruins

Many Benefited as Tantita Save Niger Delta From Enviromental Ruins It is on record over the past twenty years in the Niger Delta region, South-South Nigeria where incessant fire disaster and untimely death was on the increase in weekly basis as result of the activities of illegal oil bunkering, especially the process of local refining popularly known as Kpo-Fire. The menace also renders our young married ladies widows in the ljaw riverine communities because most of their life partners venture into the Kpo-Fire business due to its lucrative nature in making quick money. To proof your doubt, take a tour to any of the ljaw riverine communities across Burutu, Warri South-West, Bomadi, Patani in Delta State, and Southern ljaw, Ekeremor, Nembe and Brass LGAs in Bayelsa State, you will discovered that most of our youths are facially disfigured in parts of their body as result of severe fire accident incurred during cooking and burning (refining) of crude oil to kerosene, fuel and desiel for

FocalPoint Reports

Search This Blog