The Federal Competition and Consumer Protection Commission (FCCPC) has stopped the additional N50 charge imposed on transactions conducted through Point of Sales (POS) terminals.
This was confirmed in a statement signed by its FCCPC CEO, Babatunde Irukera, and made available to journalists in Abuja on Tuesday.
Mr Irukera described the charge as “counterproductive” as it negates the effort of the Central Bank of Nigeria (CBN) to promote a cashless economy.
He said it was not only inconsistent with the cashless policy but also counterproductive and burdensome to consumers.
Merchants – particularly supermarkets and fuel stations – claim they collect N50 on POS transactions due to an order from the CBN.
