No merchant demanded for pos. Remember when it was reduced years back many merchant were begged to take it, now they want merchants to pay and there is still normal pos charge of 0.5% on pos. They are sick very sick, dropping pos is the answer.

I still don't understand the explanation. If you buy fuel at the regulated price in a petrol station, who pays the stamp duty? The petrol station that sold for exactly the regulated price fixed by the govt or the customer who paid exactly what the pump price indicated? The ease of electronic transactions is just been truncated.

EgunMogaji2:


I’ve refused to pay it and stopped patronizing businesses that tried to charge it.

The CBN policy was very clear but thieving Nigerian businesses try to take advantage of any opportunity.

Thieving Nigerian businesses? So you expect a business owner to be paying your irresponsible Government #50 on every transaction of #1000 and above, in addition to the various taxes and levies? How do you expect such a business to make profit? It is the Government that is the thief, not the business owner.

there is no bank or financial institutions dat funds pos business ..is there personal business since d CBN is charging the merchant for stamp duty charge, they will also increases there rate too. does FG gave them money to do the business?

executive12:


Thieving Nigerian businesses? So you expect a business owner to be paying your irresponsible Government #50 on every transaction of #1000 and above, in addition to the various taxes and levies? How do you expect such a business to make profit? It is the Government that is the thief, not the business owner.

I’ve made my point, you’ve made yours.

Rapmoney:
Just imagine the type of issues we still dwell on. Third world country located in a dark continent!

I am with you on this one. Unfortunately a sizable amount of Nigerians will not understand this comment

Beetimi:
Its sad and disheartened to see all of you moving in one direction... DON'T YOU KNOW THAT BANKS PAY SOME FRACTIONS TO THE VENDORS WHENEVER YOU TRANSACT WITH THEIR POS

Many are clueless.

The charge is indirectly imposed on common people, the customers.

Na so their fellows wan take small small charges kill UTME candidates

jlinkd78:
More clarification needed

After all these? Maybe someone should go back to primary school

Humphrizy:
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

And you think that customer will accept paying with pos if that will cost more than paying cash?

ednut1:
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

Shows that you're even more confused than the silly fugitive Cownu

noeloge82:
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

Is there any law that says you can't pay with cash?

rhektor:


Is there any law that says you can't pay with cash?

No law but if u pay with cash to bank anything from 1000 u pay additional 50 naira stamp duty, if u transfer 50 naira stamp duty will also be charge once d receiving account is a cooperate account

Kakamorufu:
watch dem business owners hide their POS

They are already hiding it...I was at a joint during The Weekend, I asked to use the POS but I was told it isn’t working,meanwhile the POS machine was right in front of me, powered on but they didn’t want to use it because of this ridiculous policy

WHITELIGHTER:


They are already hiding it...I was at a joint during The Weekend, I asked to use the POS but I was told it isn’t working,meanwhile the POS machine was right in front of me, powered on but they didn’t want to use it because of this ridiculous policy

No mind them. when it was us the consumer paying the 50 naira. Thier POS was readily available.

magicminister:
Interesting.
Does it mean a business that has 50 pos transaction in one day will pay 2500 Naira?

My brother no be lie oo, since they started this stamp duty, my bank normally charges me not less than 2k per day depending on d volumes of the transactions part day. There was a day I was charged 4k. Imagined

rhektor:


And you think that customer will accept paying with pos if that will cost more than paying cash?

Bro... No be everybody wey like carry ATM around... So it's possible

Nicklaus619:
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

wat abt Gt? #52 for other Banks transfer...#20 for gt2gt...

magicminister:
Interesting.
Does it mean a business that has 50 pos transaction in one day will pay 2500 Naira?

Hello sir. DEm say u be ritualist as per d ashewo thread where u say na only 8month pregnant women u dey nack. Abeg show me d way, sir.

ijustdey:

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

These CBN policy makers are all shades of daft. Do they know the profit margin on each item being sold, before creating this silly policy? Okay, business owners should pay the 50 naira, abí?

Oya, every shop owner, sales person and businessman or woman, will add a markup of 50 naira, to the cost of their goods and services, from now on. No be so? Na who be mumu?

Humphrizy:
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

sorom4:
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

AtikuNetwork:
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.

Na so, now.....when dem no come look bridge for Lagos?

coldFLARES1:
Good you reconsidered.

Filling stations for example have been structured to earn fixed amount on their products while compliance is ensured by the DPR. POS was a tool to help the government's cashless policy and more suited for the convenience of the customer. So why should one expect a business to eat into its profits to remit a statutory 'Stamp Duty"for a service not more beneficial to it as it is to the customer? Doesn't make sense and is impracticable!

In due time, CBN would know just how sensible this 'clever-by-half' clarification is and how well it bodes for the government's cashless policy and act appropriately.

xjiggy:
I still don't understand the explanation. If you buy fuel at the regulated price in a petrol station, who pays the stamp duty? The petrol station that sold for exactly the regulated price fixed by the govt or the customer who paid exactly what the pump price indicated? The ease of electronic transactions is just been truncated.

Dont mind the CBN clowns. How much do petrol stations make as their margin, on each litre of fuel?

And those margins are so thin. A petrol dealers margin is 1.75 naira per litre, (i.e 1 naira, 75 kobo) while an independent marketer gets 4.60 naira per litre. Their operational expenses, still need to be recovered from such thin margins.

How many litres will you sell, before making 50 naira profit?

Now, govt has added 50 naira charge on top, for using POS. And they are saying the merchants or petrol dealers/stations should pay it, from their own pocket. How?? Very clueless set of people.

Beetimi:
Its sad and disheartened to see all of you moving in one direction... DON'T YOU KNOW THAT BANKS PAY SOME FRACTIONS TO THE VENDORS WHENEVER YOU TRANSACT WITH THEIR POS

Which dirty fractions?! Please stop it.

Does that fraction add up to 50 naira per transaction, when using the POS? Or what are you talking about?

Don't banks also deduct charges for usage of POS, from merchants? Can you just sit down and do the math, and you will see who is losing money in these transactions....

lukency:
How do they intend to achieve the cashless policy when they're discouraging people with senseless charges.

Exactly, my point!!

helinues:
Good one

Small small we are building our institutions

SMDH

CeterisXVII:

Which dirty fractions?! Please stop it.

Does that fraction add up to 50 naira per transaction, when using the POS? Or what are you talking about?

Don't banks also deduct charges for usage of POS, from merchants? Can you just sit down and do the math, and you will see who is losing money in these transactions....

POS isnt created to make money from people, it is created to leverage on cashless policy and make payment easier... Normally, as a business owner you are to bear the cost/ charges because its your business and you want the convenience of your customers to be able to transact cashless.

Many vendors, who charges you N50 make money from you, why will they add extra N50 to my bill just for using POS... Be wise and stop auguring.

Beetimi:
POS isnt created to make money from people, it is created to leverage on cashless policy and make payment easier... Normally, as a business owner you are to bear the cost/ charges because its your business and you want the convenience of your customers to be able to transact cashless.

Many vendors, who charges you N50 make money from you, why will they add extra N50 to my bill just for using POS... Be wise and stop auguring.

You are the one arguing blindly and not making sense. Was the 50 naira tax charge imposed by CBN, part of the deal your bank signed with the merchants when it gave them the POS terminal?

Where do you expect the merchants to get extra 50 naira from, to pay the CBN charges? Will the banks dash them that money?

You obviously know nothing about business, profit margins, or commercial transaction. So stop this your empty stories because it is making you sound clueless.

When merchants start returning the POS terminals to the banks, then the eyes of those useless banks will clear, and they will beg CBN to scrap that useless policy.

I asked you a simple question earlier, which you dodged: "Does that fraction add up to 50 naira per transaction, when using the POS?" When are you going to tell us the answer?

noeloge82:

No law but if u pay with cash to bank anything from 1000 u pay additional 50 naira stamp duty, if u transfer 50 naira stamp duty will also be charge once d receiving account is a cooperate account

What is this typing?

Humphrizy:
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

Exactly....somehow customers will still be the ones to pay it.