The Challenge Ahead for PoS in Nigeria
Tough choices: if you make NIPOST cashless, and at the same time CBN is introducing N50 stamp duty fees on PoS transactions, poor people will run deeper into the informal economy. Do not expect people to send government N50 everytime they swipe their debit cards! Samuel Nwite shares how this will play out in Nigeria.
"While the directive is being applauded, the newly introduced charges on PoS transactions pose a challenge. It could be recalled that last month, the Central Bank of Nigeria (CBN) introduced N50 Stamp Duty Charge on PoS transactions, a decision that drew a lot of criticism from the general public."
Of course, government needs funds to finance budget. If you swipe cards millions of times and multiple by N50, Abuja will have more money to spend.
