Despite Stamp Duty Charge, PoS Transactions Hit N874bn In 3 Months

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Despite the implementation of the stamp duty charge of N50 on Point of Sale transactions above N1,000, the value of transactions on PoS channel increased to N874.91 billion between September and November this year.

Also, the volume of transaction done via the payment channel has continued to rise, as it was also up by 2.7 per cent between September and November this year according to data by the Nigeria Inter Bank Settlement System (NIBSS).

Also, according to the data, the volume of transactions via PoS channels rose from 40.74 million in September to 41.6 million in October and 41.83 million in November.

The federal government had in October mandated the Central Bank of Nigeria (CBN) to strictly implement Merchant Service Charge which would impose more charges on all point of sale transactions. To this end, the CBN had issued a circular to banks and other stakeholders titled, ‘Review of Process for Merchants Collections on Electronic Transactions.’

The policy, which mandates a N50 charge on every PoS transaction above N1,000, covered every transaction that occur on PoS platform, rather than previous regime where charges were allied on aggregate transactions.

Data from NIBSS showed that the value of transactions on the channel had equally risen as it was up from N283.35 billion and N287.74 billion in September and October this year to N303.82 billion in November. The number of registered PoS terminals was also on the rise up from 314,970 in September to 404,283 by the end of November while the number of deployed terminals was up from 266,146 in September to 287,759 in November.

Meanwhile, the volume of transactions consummated via the NIBSS Instant Payment (NIP) channel rose to 109.55 million last month from 101.03 million in September and 106.51 million in October. Likewise, the value of the transaction done via the channel rose to N9.622 trillion in November from N8.482 trillion in September.

In a related development, bank customers besieged bank branches and automated teller machine (ATM) terminals to make last minute withdrawals for the Christmas holidays across the country.

LEADERSHIP checks across the South West states showed that several branches recorded massive turnouts of bank customers who needed cash to make last minute purchases as well as trips to their hometowns and loved ones to spend the Yuletide.

Our correspondents, who visited branches of FirstBank, Guaranty Trust Bank, UBA, Access Bank and several others, witnessed deluge of crowds in the banking halls and on queues at the ATMs of these banks in Abule Egba, Egbeda, Lekki-Ajah, Idimu, Ojota, Surulere in Lagos state as well as in Sango-Ota, Ogun state.

Investigation by our correspondents who went round the metropolis yesterday, disclosed that apart from those making withdrawals to buy fowls, and food stuffs, several banks visited had customers who came to deposits.

– Leadership NG

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