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Banks, POS operators ignore CBN directives


Customers in Nigeria are still being made to pay N50 bank charges for financial transactions using the Point Of Service (POS), contrary to the recent directive by Nigeria’s apex bank, Central Bank of Nigeria (CBN).
Aside the banks which are still debiting all sorts of charges from their customers, operators of POS have insisted on deducting as much as N50 for every transaction plus their “service charge”.
Some POS vendors even charge customers from N100 to N500 naira for withdrawing amounts ranging from N5, 000 to N100, 000; while fuel stations charge customers amounts ranging from N50 to N100 for any POS transaction.
Our correspondent observed that all attempt to persuade the POS vendors and fuel pump attendants to comply with the CBN directives have not been successful.
A fuel attendant in Abuja bluntly told our reporter that he had not been so directed by his manager to stop the deductions.
These charges are different from the normal N50 bank charges which has been in existence for some time now.
On their own, the banks debit from customers such charges like account maintenance charges, stamp duty charges and other sundry charges.
Meanwhile, the CBN is yet to explain why the excessive bank charges on customers have persisted or what sanctions can be meted out on defaulters.

Written by ExpressDay

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