The Central Bank Of Nigeria has announced a downward review of charges applicable to merchant payments – transactions through Point of Sale (POS), Automated Teller Machine (ATM), Debit and Credit Cards.

This comes as the country’s apex bank has introduced new cashless policy – which stipulates new charges on cash transactions in excess of N500,000 and N3,000,000 for individual and coperate accounts respectively.

In a memo sent to all Banks processor/Switches, on 18 September, the CBN stated a downward review from 0.75% capped at N1,200 to 0.50% capped at N1,000 as it orders banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions.

Read statement below.