Electronic Payment: Nigerians Ignore Pos Transactions Over Charges
Electronic Payment: Nigerians Ignore Pos Transactions Over Charges

The Nigerian Inter bank Settlement System, NIBSS says the volume of electronic payment transactions through Point of Sale PoS terminals has fallen by 4.83 billion in one month. It dipped from 46.13 billion deals in December 2019 to 41.3 billion in January.

The PoS transaction fall in cash value is 60 billion naira. Merchants- retail outlets in the e-payment value chain-continue to collect 50 naira Stamp Duty charge per transaction from PoS users. The transaction value fell from 373 billion to 313 billion naira in December 2019 and January 2020,

It was gathered that collection of the illegal charge by merchant’s petrol stations, supermarkets and other business owners that deploy the machines for payment has continued against the Central Bank of Nigeria’s CBN’s order that payment by customers should be stopped.

The NIBSS data also showed that the decline in PoS usage occurred despite increase in the number of registered PoS terminals by the banks from 446,453 to 449,998 in December 2019.

The President of the Bank Customers Association of Nigeria, Uju Ogubunka, condemned the continuous collection, in spite of the CBN’s directive that it should stop.