CBN Reduces Charge On POS, Credit, Debit Cards

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.

Image result for Credit debit cards nigeria

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.

Godwin Emefiele, CBN Governor

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.