Skip to main content

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

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.

Labels:

Comments

Post a Comment

Popular posts from this blog

Steer Clear from Tompolo's Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders

Steer Clear from Tompolo's  Pipeline Surveillance Job, Face Your Olu's Contract... Activist Warn Itsekiri Leaders  Niger Delta Human Rights Activist, comrade Daniel Ezekiel has berated ltsekiri leaders for calling on  the Federal Government to decentralize the pipeline security contract awarded to the Niger Delta living legend, High Chief Government Ekpemukpolo alias Tompolo. The activist in a statement to FocalPoint Reports, on Thursday, reacted with displeasure and strongly condemned Itsekiri leaders Who were led by Hon. Michael Diden to call for the decentralization of Tompolo's Surveillance contract, during a visit to High Chief Bibopere Ajube (Shoot-at-sight) at his Agadagba-Obon, residence in Ese-Odo Local Government Area of Ondo State,  Ezekiel Daniel described those who visited Bibopere Ajube as self-proclaimed Itsekiri leaders and their voices are nothing good but mere distractions and should not be taken seriously. He added that the statements made by
1 comment
Read more

NMU Governing Council chairman seeks solutions to challenges facing varsity

NMU Governing Council chairman seeks solutions to challenges facing varsity The Acting Chairman of the Governing Council of the Nigerian Maritime University, Okerenkoko, Delta State,  Adewale Adeogun, has appealed for immediate action to address the pressing challenges facing the institution.   Adeogun, who spoke during the council meeting  in Warri, expressed deep concern over the university’s underdevelopment despite its six-year existence. Highlighting the urgent need for government intervention, Adeogun emphasised the importance of establishing a permanent campus and ensuring adequate funding.  He pointed out that the university’s progress has been hindered by the suspension of projects initiated by the Nigerian Maritime Administration and Safety Agency (NIMASA). “It is disheartening to see that despite being a specialised university, Nigerian Maritime University is still struggling to find its footing,” Adeogun stated. “We must work tirelessly to secure government support, philant
Post a Comment
Read more

Retired police officers protest over unpaid pensions

Some retired police officers under the contributory pension scheme on Tuesday, May 21, protested at the National Assembly over alleged several months of unpaid pensions with a call on President Bola Tinubu to remove them from the scheme. The protesters decried the extreme challenges they endure, saying that the National Pension Commission (PENCOM) has failed to pay their entitlements for several months causing them and their families untold hardship. The aggrieved retired police officers also wrote a Save Our Soul (SOS) letter to the President of the Senate, Godswill Akpabio, calling for an urgent intervention. Speaking on behalf of the protesters, Chairman of the retirees, Christopher Effiong said many of their members have developed terminal illnesses and heart attacks as a result of the frustration associated with the scheme. In a letter dated May 21 and addressed to Senate President Godswill Akpabio, the retirees said many of their colleagues have lost their lives due to the prevai
Post a Comment
Read more