Cbn approves new charges for pos use
It seems like you're referring to a recent development in the Nigerian banking industry. Here's a breakdown of what I've found:
CBN Approves New Charges for POS Use
The Central Bank of Nigeria (CBN) has recently approved new charges for Point of Sale (POS) transactions in the country. According to reports, the new charges are aimed at promoting the use of POS terminals and increasing financial inclusion in Nigeria.
What are the new charges?
The CBN has introduced a new charge structure for POS transactions, which includes:
- Transaction fee: A flat fee of N50 per transaction, which will be deducted from the customer's account.
- Interchange fee: A percentage-based fee ranging from 0.5% to 1.5% of the transaction value, depending on the type of POS terminal used.
- Acquirer fee: A fee ranging from 0.5% to 1.5% of the transaction value, which will be paid by the merchant.
Why are these charges necessary?
The CBN has introduced these charges to encourage the use of POS terminals, which are considered a more secure and efficient way of making transactions compared to cash. The charges are also expected to help reduce the cost of transactions for merchants and promote financial inclusion in Nigeria.
What does this mean for customers?
For customers, the new charges may result in slightly higher transaction costs. However, the CBN believes that the benefits of using POS terminals, such as increased security and convenience, will outweigh the additional costs.
What do you think about these new charges?
Do you think the new charges will encourage more people to use POS terminals in Nigeria? Or do you think they will have a negative impact on the adoption of digital payments? Share your thoughts!