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.
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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.
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Merchants – particularly supermarkets and fuel stations – claim they collect N50 on POS transactions due to an order from the CBN.
