No more charges on electronic payment by merchants cbn
You're referring to the recent development in Nigeria!
Yes, you're correct. The Central Bank of Nigeria (CBN) has announced that it will no longer charge merchants for electronic payment transactions. This decision is aimed at promoting electronic payment systems and reducing the cost of doing business in Nigeria.
As of March 2022, the CBN has abolished the Inter-Switch Association (ISA) charges, which were previously paid by merchants for every electronic payment transaction. This means that merchants will no longer be charged for transactions made through electronic payment channels such as Point of Sale (POS) terminals, mobile wallets, and online payment platforms.
The CBN's decision is expected to have several benefits, including:
- Reduced costs for merchants: Merchants will no longer have to pay charges for every electronic payment transaction, which will help reduce their operational costs.
- Increased adoption of electronic payment systems: With the abolition of ISA charges, merchants are more likely to adopt electronic payment systems, which will promote a cashless economy.
- Improved efficiency: Electronic payment systems are generally faster and more efficient than cash transactions, which will help reduce the time spent on transactions.
- Enhanced customer experience: With the abolition of ISA charges, customers will no longer have to pay extra fees for transactions, which will improve their overall experience.
Overall, the CBN's decision is expected to promote the growth of electronic payment systems in Nigeria and reduce the cost of doing business in the country.