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.

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