Some retailers using Point of Sales terminals to receive payments have abandoned the device and reverted to cash payments, investigation has shown.
Some of them who spoke with our correspondent said the decision to dump the PoS devices meant to facilitate cashless transactions was because customers declined using the terminals to avoid paying N50 stamp duty charge.
The Central Bank of Nigeria, in a circular to banks, processors and switches on September 17 had authorised banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual taxes and duties on individual transactions.
The CBN directed all PoS …