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CBN: N50 POS Charge To Be Paid By Businesses Not Customers - Business - Nairaland

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CBN: N50 POS Charge To Be Paid By Businesses Not Customers by ijustdey: 3:59pm On Dec 23, 2019
The Central Bank of Nigeria (CBN) has urged customers not to pay N50 charge to businesses for using point of sale (POS) machines.

Musa Jimoh, a director in CBN’s payment system management department, explained the apex bank’s merchant charge directive on Monday.

“The stamp duty is a fee regulated by an act. The CBN doesn’t regulate the stamp duty so we can’t change anything. Stamp duty as it is today has been misinterpreted,” Jimoh said.

“Our circular that talks about merchants paying stamp duty according to the law does not say that the stamp duty should be paid by the consumer. That’s actually a misrepresentation of the CBN’S directive.

“What our directive says is that merchants should pay all necessary charges as regulated by the government agency including stamp duty. When there is an electronic transaction to an account other than savings account and the transaction amount is more than N1,000, you have to pay stamp duty.

“Our explanation to banks is that we would like the merchants to comply with this directive by ensuring that every single payment customers make to them, the merchants pay the regulated stamp duty of N50.

“What has happened is that they have 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 good. Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchant. The merchants who are receiving the money are the ones who are supposed to pay.”

It had earlier been reported that consumers would pay more for POS transactions after the CBN said stamp duty would be charged on individual transactions rather than previous plans where charges occurred on aggregate transactions.

https://www.thecable.ng/cbn-n50-pos-charge-to-be-paid-by-businesses-not-customers

4 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Flexherbal(m): 4:11pm On Dec 23, 2019
The Central Bank of Nigeria (CBN) has urged customers not to pay N50 charge to businesses for using point of sale (POS) machines.

Alright!

4 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Nobody: 4:13pm On Dec 23, 2019
Hypocrites. They always say things that will cause discord between customers and businesses. What is the essence of the ridiculous charge in the first place? Do you know if the profit of the business owner is even up to N50 on that transaction?

Since Godwin Emefiele entered as CBN governor, it has been one charge or another. How did Sanusi rescue us from ATM N100 charges to N0 without the world crumbling?

Eventually people will go back to cash, businesses will be discouraged and armed robbery may be on the rise when cash transactions are proliferated. When this happens, the Mafia in the finance sector profiting from this will be victims too. Just wait and see...

189 Likes 13 Shares

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Romanoff(f): 4:13pm On Dec 23, 2019
These policies are as confused as the government making them.

Why don't they do their homework before they announce to the public? It really makes them look unserious.


You want to encourage cashless transactions and you're charging customers first, then now business owners. I trust Nigerians.

These business will encourage more of cash transactions niyen.

33 Likes 1 Share

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by KIDfurniture(m): 4:14pm On Dec 23, 2019
cool
Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Celense(m): 4:14pm On Dec 23, 2019
Are you serious?

1 Like

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by jlinkd78(m): 4:14pm On Dec 23, 2019
More clarification needed

1 Like

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Humphrizy(m): 4:14pm On Dec 23, 2019
Chaiii...That means business owners will always add #50 on top each product incase a customer wants to go for it.

CBN and their charges eeh

24 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by crownwealth: 4:14pm On Dec 23, 2019
Confused cows

19 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by salveoP(m): 4:14pm On Dec 23, 2019
Abeg, make una come carry una POS, I no dey do again...shuu!!!

18 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by sorom4: 4:14pm On Dec 23, 2019
Is it not the Customers that will still be indirectly paying for the POS charge.
Business organizations are meant to make profit and not lose. You will see them increasing the rate of their services in other to absorb the charge that the CBN wants to push on them. And guess what...their services will be more than the N50 stipulated.
This Government is a Yahoo Yahoo government

62 Likes 4 Shares

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by ednut1(m): 4:15pm On Dec 23, 2019
When Kanu said 9ja was a zoo. I thought he was mad. Now i know better. The businesses just have to increase price by 50 na. Very useless cbn

28 Likes 1 Share

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by noeloge82(m): 4:15pm On Dec 23, 2019
So wrong
The problem is that when u make law u don't think of it's impact , if I sell goods of 1000 and a customers uses pos and pay meaning that d value I will receive for 1000 naira goods is 950 I will simple adjust my price to 1050 so that d customer bears d burden.
Do u know that school fees now has been adjusted to this stamp duty stuff , some schools adjusted by 50 naira while some adjusted by 100.
Now who bears d burden the customer of course and this discourages online transactions as the price of paying by cash now is cheaper than transfers.
Fuel station will preference cash except you are wiling to pay d 50 stamp duty cos a fuel company cannot receive alert of 10 liter fuel as 1400 instead of 1450
This is just wrong , it could have been better if electronic transfers attract no stamp duty while deposits attract stamp duty , this instantly will make people move to electronic transfers

81 Likes 5 Shares

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by 4gunners(m): 4:15pm On Dec 23, 2019
It will still go back to the customer cos the cost will be placed on goods.

10 Likes 1 Share

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Pulsenaija: 4:15pm On Dec 23, 2019
Ok
Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Rapmoney(m): 4:15pm On Dec 23, 2019
Just imagine the type of issues we still dwell on. Third world country located in a dark continent!

7 Likes 1 Share

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Manson1(m): 4:15pm On Dec 23, 2019
Ok
Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by AtikuNetwork: 4:15pm On Dec 23, 2019
Smh. Wrong move. This will negatively affect the cashless drive. Most businesses will see that 50 naira as an unnecessary expense that will be adding up, so they either won't adopt the POS technology, or they pass the cost on to the customer. CBN no get sense.

15 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by justifyme(m): 4:16pm On Dec 23, 2019
And GENESIS has been chopping my money since
Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by helinues: 4:16pm On Dec 23, 2019
Good one

Small small we are building our institutions
Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Elxandre(m): 4:16pm On Dec 23, 2019
This is silly please.
how much will be left of their profit from the 1000 after they pay the 50 Naira?

cashless policy indeed.

1 Like

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by magicminister: 4:16pm On Dec 23, 2019
Interesting.
Does it mean a business that has 50 pos transaction in one day will pay 2500 Naira?

5 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Lewisalexander(m): 4:16pm On Dec 23, 2019
Dumb idea. Then business owners will now prefer cash.

5 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by HolyHero: 4:16pm On Dec 23, 2019
I was arguing with an attendant at the filling station today... he insisted I pay the N50 if I want to use the POS and I told him it doesn’t work that way.. I later had to pay sha.. I no fit Dey speak too much English because of N50

13 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by helinues: 4:17pm On Dec 23, 2019
Elxandre:
This is silly please.
how much will be left of their profit from the 1000 after they pay the 50 naira?

You mean they should have charged the customer instead?

Truly, you can't satisfied human beings rice

1 Like

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Kakamorufu(m): 4:17pm On Dec 23, 2019
watch dem business owners hide their POS

4 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by Nicklaus619(m): 4:17pm On Dec 23, 2019
Banks expecially. Are very dubious, access bank still charges #10. For every transaction you make with *901# code. Imagine how. Much dey be raking in on daily basis. Thumps up for first bank they don't charge for most of their service especially using *894# code

3 Likes

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by slex(m): 4:18pm On Dec 23, 2019
There should be a system in place to report such vendors

1 Like

Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by hisexcellency34: 4:18pm On Dec 23, 2019
Rubbish
Re: CBN: N50 POS Charge To Be Paid By Businesses Not Customers by FirstSon01: 4:18pm On Dec 23, 2019
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