CBN reduces, charges on e-merchants collections

With effect from September 17, 2019, the CBN has approved for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

This will further promote a cash-less economy and enhance the collection of applicable government revenues, the Central Bank of Nigeria (CBN) has announced a review of the process for merchant settlement.

A statement signed by the Director, Payments System Management Department at the Bank, Sam Okojere, also announced a downward review of the Merchant Service Charge (MSC) from 0.75% capped at N1,200 to 0.50% capped at N1,000.

Also in a circular to all deposit money bank (DMBs), the apex bank announced the commencement of charges on deposits in addition to already existing charges on withdrawals.

According to the circular, the charges, which take effect from Wednesday, September 18, 2019, will attract 3% processing fees for withdrawals and 2% processing fees for lodgments of amounts above N500,000 for individual accounts.

Similarly, corporate accounts will attract 5% processing fees for withdrawals and 3% processing fee for lodgments of amounts above N3,000,000.

The statement, however, disclosed that the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

It added that the implementation of the cash-less policy would take effect from March 31, 2020.

Meanwhile, the bank has also on Tuesday announced that its Monetary Policy Committee (MPC) meeting earlier scheduled for next week will now hold on Thursday and Friday this week.

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