The federal government recently mandated the Central Bank of Nigeria to strictly implement Merchant Service Charge, which would impose more charges on all POS transactions.
To this end, the central bank issued a circular to banks and other stakeholders titled, ‘Review of Process for Merchants Collections on Electronic Transactions.’ Accordingly, the Nigeria Interbank Settlement System (NIBSS) also issued a circular titled, ‘Returns on Stamp Duty Collection for Merchant Transactions.’
Both bodies are working closely in setting remittance processes that ensure the collection of stamp duty charges for the POS.
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.3>
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401…
Azeezat Adedigba is an education reporter at PREMIUM TIMES.
She holds a degree in Mass communication from the University of Jos. She loves music and arts.
DOWNLOAD THE PREMIUM TIMES MOBILE APP
Now available on
All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.