CBN Begins Implementation Of N50 Stamp Duty Fee On POS Transactions

The Central Bank of Nigeria (CBN) and the Nigeria Interbank Settlement System (NIBSS) has announced the commencement of the collection of N50 Stamp duty fees on every 1000 Naira POS transactions.

Naija News understands both parties agreed to work on the application of remittance processes to ensure the seamless collection of stamp duty fees on every 1000 Naira POS transactions.

It will be recalled that the extra charge on customer’s transaction followed a CBN’s directive to banks to charge N50 Stamp Duty on individual transactions, rather than merchants’ accounts.

The directive on the Unbundling of Merchant Settlement Amounts was contained in the CBN circular to banks, processors and switches, titled: “Review of Process for Merchants Collections on Electronic Transactions”.

The policy stipulates Stamp Duties Payment on individual transactions that occur on PoS, rather than previous plans where charges occurred on aggregate transactions.