Cbn new pos charges

CBN (Central Bank of Nigeria) New POS Charges!

As of 2022, the Central Bank of Nigeria (CBN) has introduced new charges for Point of Sale (POS) transactions in Nigeria. Here are the new charges:

POS Transaction Charges:

1. Minimum Charge: ₦50 per transaction (irrespective of the amount)
2. Maximum Charge: ₦100 per transaction (irrespective of the amount)
3. Percentage Charge: 0.5% of the transaction amount (minimum ₦50, maximum ₦100)

Example:

• If you make a POS transaction of ₦10,000, the charge would be ₦50 (minimum charge) + 0.5% of ₦10,000 = ₦50 + ₦50 = ₦100
• If you make a POS transaction of ₦50,000, the charge would be ₦100 (maximum charge) + 0.5% of ₦50,000 = ₦100 + ₦250 = ₦350

Other Charges:

1. Daily Limit: ₦100,000 per day (for individual POS users)
2. Monthly Limit: ₦500,000 per month (for individual POS users)
3. Annual Fee: ₦5,000 per year (for individual POS users)

Important Notes:

• These charges are applicable to all POS transactions, including withdrawals, deposits, and transfers.
• The charges are subject to change, so it's essential to check with your POS provider or the CBN for any updates.
• Some POS providers may have additional charges or fees, so be sure to check with them as well.