CBN

CBN

12/24/2019
Stop paying N50 charges On POS transactions, CBN Says
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CBN says N50 PoS fee be paid by sellers, warns buyers to stop paying – The Central Bank of Nigeria (CBN) has asked bank customers not to pay N50 charge to businesses for using point of sale (POS) machines.

CBN Director payment system management department, Musa Jimoh, told The Cable that: “the stamp duty is a fee regulated by an act. The CBN doesn’t regulate the stamp duty so we can’t change anything. Stamp duty as it is today has been misinterpreted” .

“Our circular that talks about merchants paying stamp duty according to the law does not say that the stamp duty should be paid by the consumer. That’s actually a misrepresentation of the CBN’S directive.

“What our directive says is that merchants should pay all necessary charges as regulated by the government agency including stamp duty. When there is an electronic transaction to an account other than savings account and the transaction amount is more than N1,000, you have to pay stamp duty.

“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.

CBN Director payment system management department, Musa Jimoh, told The Cable that: “the stamp duty is a fee regulated by an act. The CBN doesn’t regulate the stamp duty so we can’t change anything. Stamp duty as it is today has been misinterpreted” .

“Our circular that talks about merchants paying stamp duty according to the law does not say that the stamp duty should be paid by the consumer. That’s actually a misrepresentation of the CBN’S directive.

“What our directive says is that merchants should pay all necessary charges as regulated by the government agency including stamp duty. When there is an electronic transaction to an account other than savings account and the transaction amount is more than N1,000, you have to pay stamp duty.

“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.

Stop paying N50 charges On POS transactions, CBN Says The Central Bank of Nigeria (CBN) has clarified the issue of payments of N50 charges by merchants who use Point of Sale (POS) machines for cashless transactions, insisting that nobody should pay extra on goods and services. The CBN explained that the N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies. Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive. “Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepresentation of CBN directive. What our directive says is that merchants should pay all necessary tax as regulated by government agencies including stamp duty. “What we told the merchants is that we would like the banks to ensure that the merchants comply with this directive by ensuring that every single payment that customers make to them, the merchants pay the regulated stamp duty of N50. “What has happened is that they have actually transferred this fee blatantly and openly to the consumers; this is very wrong. No single individual should pay N50 in addition to the cost of the goods. He stated that “Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchants, the merchants who are receiving the money are the ones who are supposed to pay.” Mr. Jimoh explained that because the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties. “Stamp duty is not a CBN regulated fee, it is a fee regulated by an act, and so we can’t change or push anything in that direction. To this, the stamp duty remains and cannot be changed by the CBN, what we are doing is to ensure that the institutions we regulate (the banks) become more responsible to ensure that these fees are collected and given to the government. Read more at: https://economicconfidential.com/2019/12/n50-charge-pos-cbn/
Stop paying N50 charges On POS transactions, CBN Says The Central Bank of Nigeria (CBN) has clarified the issue of payments of N50 charges by merchants who use Point of Sale (POS) machines for cashless transactions, insisting that nobody should pay extra on goods and services. The CBN explained that the N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies. Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive. “Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepresentation of CBN directive. What our directive says is that merchants should pay all necessary tax as regulated by government agencies including stamp duty. “What we told the merchants is that we would like the banks to ensure that the merchants comply with this directive by ensuring that every single payment that customers make to them, the merchants pay the regulated stamp duty of N50. “What has happened is that they have actually transferred this fee blatantly and openly to the consumers; this is very wrong. No single individual should pay N50 in addition to the cost of the goods. He stated that “Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchants, the merchants who are receiving the money are the ones who are supposed to pay.” Mr. Jimoh explained that because the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties. “Stamp duty is not a CBN regulated fee, it is a fee regulated by an act, and so we can’t change or push anything in that direction. To this, the stamp duty remains and cannot be changed by the CBN, what we are doing is to ensure that the institutions we regulate (the banks) become more responsible to ensure that these fees are collected and given to the government. Read more at: https://economicconfidential.com/2019/12/n50-charge-pos-cbn/
Stop paying N50 charges On POS transactions, CBN Says The Central Bank of Nigeria (CBN) has clarified the issue of payments of N50 charges by merchants who use Point of Sale (POS) machines for cashless transactions, insisting that nobody should pay extra on goods and services. The CBN explained that the N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies. Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive. “Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepresentation of CBN directive. What our directive says is that merchants should pay all necessary tax as regulated by government agencies including stamp duty. “What we told the merchants is that we would like the banks to ensure that the merchants comply with this directive by ensuring that every single payment that customers make to them, the merchants pay the regulated stamp duty of N50. “What has happened is that they have actually transferred this fee blatantly and openly to the consumers; this is very wrong. No single individual should pay N50 in addition to the cost of the goods. He stated that “Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchants, the merchants who are receiving the money are the ones who are supposed to pay.” Mr. Jimoh explained that because the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties. “Stamp duty is not a CBN regulated fee, it is a fee regulated by an act, and so we can’t change or push anything in that direction. To this, the stamp duty remains and cannot be changed by the CBN, what we are doing is to ensure that the institutions we regulate (the banks) become more responsible to ensure that these fees are collected and given to the government. Read more at: https://economicconfidential.com/2019/12/n50-charge-pos-cbn/
Stop paying N50 charges On POS transactions, CBN Says The Central Bank of Nigeria (CBN) has clarified the issue of payments of N50 charges by merchants who use Point of Sale (POS) machines for cashless transactions, insisting that nobody should pay extra on goods and services. The CBN explained that the N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies. Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive. “Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepresentation of CBN directive. What our directive says is that merchants should pay all necessary tax as regulated by government agencies including stamp duty. “What we told the merchants is that we would like the banks to ensure that the merchants comply with this directive by ensuring that every single payment that customers make to them, the merchants pay the regulated stamp duty of N50. “What has happened is that they have actually transferred this fee blatantly and openly to the consumers; this is very wrong. No single individual should pay N50 in addition to the cost of the goods. He stated that “Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchants, the merchants who are receiving the money are the ones who are supposed to pay.” Mr. Jimoh explained that because the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties. “Stamp duty is not a CBN regulated fee, it is a fee regulated by an act, and so we can’t change or push anything in that direction. To this, the stamp duty remains and cannot be changed by the CBN, what we are doing is to ensure that the institutions we regulate (the banks) become more responsible to ensure that these fees are collected and given to the government. Read more at: https://economicconfidential.com/2019/12/n50-charge-pos-cbn/
Stop paying N50 charges On POS transactions, CBN Says The Central Bank of Nigeria (CBN) has clarified the issue of payments of N50 charges by merchants who use Point of Sale (POS) machines for cashless transactions, insisting that nobody should pay extra on goods and services. The CBN explained that the N50 stamp duty is a fee regulated by an act that directs merchants to pay all necessary taxes as regulated by government agencies. Speaking on Channels Television’s Business Morning programme, the CBN Director of Payment System Management, Musa Jimoh, said the apex bank issued a circular and merchants have misinterpreted the directive. “Stamp duty has been misinterpreted, our circular that talks about merchants paying stamp duties according to the law do not say that the stamp duty should be paid by the consumer; that is a misrepresentation of CBN directive. What our directive says is that merchants should pay all necessary tax as regulated by government agencies including stamp duty. “What we told the merchants is that we would like the banks to ensure that the merchants comply with this directive by ensuring that every single payment that customers make to them, the merchants pay the regulated stamp duty of N50. “What has happened is that they have actually transferred this fee blatantly and openly to the consumers; this is very wrong. No single individual should pay N50 in addition to the cost of the goods. He stated that “Stamp duty is not to be paid by individuals that are consuming the goods and services of the merchants, the merchants who are receiving the money are the ones who are supposed to pay.” Mr. Jimoh explained that because the stamp duty is not regulated by the CBN, there are no plans to stop stamp duties. “Stamp duty is not a CBN regulated fee, it is a fee regulated by an act, and so we can’t change or push anything in that direction. To this, the stamp duty remains and cannot be changed by the CBN, what we are doing is to ensure that the institutions we regulate (the banks) become more responsible to ensure that these fees are collected and given to the government. Read more at: https://economicconfidential.com/2019/12/n50-charge-pos-cbn/


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