BANK CHARGES: While explaining the new CBN financial guide, Musa Jimoh, a director in CBN’s payment system management department, said individuals are not supposed to pay N50 service charge when making payments with a point of sale (POS) machine.
“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.
Before the clarifications, some media platforms reported that consumers would pay more for POS transactions after the CBN stamp duty. Jimoh faulted banks for imposing N50 service fee charges on customers and advised that they comply with CBN directive to avoid being sanctioned.
“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," Jimoh said.
“What has happened is that they (banks) have transferred this fee, blatantly and openly to the consumers. This is very wrong,” Jimoh said.
