CBN to business owners: Stop compelling Nigerians to pay N50 on POS transaction

The Central Bank of Nigeria (CBN) has called on merchants who operate Point of Sale (POS) machines for cashless transaction to stop the collection of N50 charges from their customers.

The CBN made the clarification amid confusion generated by the moves by merchants and other businesses operating POS machines to charge their customers an additional N50 on every transaction.

The CBN Director of Payment System Management, Musa Jimoh, made this known on Monday while speaking on Channels Television’s Business Morning programme. Mr Jimoh said that the bank issued a circular and merchants misinterpreted the directive, thus making customers pay additional fee for goods and services.


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