POS charges: Nigerians lampoon new policy, urge FG to rescind decision

POS charges: Nigerians lampoon new policy, urge FG to rescind decision

Nigerians have lambasted the new stamp duty policy on POS charges that has seen the sum of N50 deducted from all transactions above N1000. Furthermore, they have called on the Federal Government to urgently rescind the decision.

1st News can report that the POS charges is the outcome of a mandate from the Central Bank of Nigeria (CBN). The mandate was issued to commercial banks in Nigeria. Subsequently, banks have also communicated the enforcement of the policy on all Point of Sales (POS) transactions above N1000.

A copy of the communication from one of the commercial banks was sighted by 1st News.

Equally important, the banks have commenced the enforcement of the policy from Wednesday September 18th, 2019.

Titled Stamp Duty Charge on POS Transactions, the circular reads; “The Central Bank of Nigeria (CBN) has mandated banks to start charging stamp duty of N50 on all electronic payments above N1000 effective September 18th, 2019.

“In line with this directive, UBA will henceforth effect automated stamp duty collections from merchants’ accounts and remittance will be done daily to the Federal Government.”

POS charges

Furthermore, 1st News can report that other banks have toed the CBN’s directives. Subsequently, the enforcement of the policy has equally taken effect across POS terminals operated by other banks in multiple outlets across the country.

Nigerians rail at POS charges, barrack FG over stamp duty policy

Meanwhile, Nigerians have expressed anger and disgust at the development.

As a matter of fact, there have been angry reactions on social media over the new policy. Indeed, many have described it as a draw-back for the cashless policy being advocated by the government. In addition, others have described it as a case of multiple taxation.

Subsequently, Nigerians have called for the stoppage of the POS charges.

Here is a cross-section of reactions from Nigerians on social media:

Meanwhile, some Twitter users have also alleged that they have been charged more than N50 at some POS terminals.


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Gideon Ayogu

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