Echotitbits – Nigeria News

Tag: banks

  • Banks begin passing ₦50 stamp duty on eligible transfers to senders under tax changes

    Banks begin passing ₦50 stamp duty on eligible transfers to senders under tax changes

    Reporting by Leadership indicates banks are shifting the ₦50 stamp duty charge on qualifying electronic transfers (notably above a stated threshold) to senders, aligning with changes in the tax regime.

    The development affects how customers perceive transfer costs and could influence behaviour—some may bundle transactions or switch to alternative payment rails to minimise charges.

    Industry analysts say clearer disclosure is essential, as hidden or inconsistent charges can damage trust and push users back toward cash.

    Regulators will be watching implementation consistency across banks and consumer-protection compliance, including dispute resolution for wrongly applied charges.

    Echotitbits take: Small charges scale quickly. Watch for uniform application, clear customer notices, and whether fees trigger a shift to wallets/USSD alternatives—or a return to cash.

    Source: The Punch – https://punchng.com/banks-to-charge-%E2%82%A650-stamp-duty-on-transfers-above-%E2%82%A610000-from-january-1/ 11 January 2026

    The Punch 2026-01-11

    Photo Credit: The Punch

  • CBN gives payment firms 30 days to add dual channels for PoS transactions

    CBN gives payment firms 30 days to add dual channels for PoS transactions

    photo: CBN headquarters — Wikipedia

    According to The Punch, the Central Bank of Nigeria (CBN) has directed financial institutions, acquirers and payment service providers to implement mandatory dual connectivity for Point-of-Sale (PoS) transactions within one month to reduce failures and downtime.

    The directive, issued via a circular signed by the CBN’s Payments System Supervision leadership, is designed to ensure PoS transactions can automatically route through an alternative channel when one switch or aggregator fails.

    Daily Post also reported the same policy move, describing it as a 30‑day deadline aimed at stabilising PoS performance and reduce persistent transaction disruptions for merchants and consumers.

    Other industry reporting and commentary (including BusinessDay’s coverage shared on social platforms) echoed the policy intent: improve resilience, enforce reporting, and strengthen reliability testing across the payments ecosystem.

    Analysis/Echotitbits take: This is a quality-of-service crackdown, not just another circular. If enforcement is real, the biggest impact will be on downtime-driven “lost sales” for SMEs and on customer trust in cashless payments. Watch for compliance audits, penalties for repeated outages, and whether smaller aggregators can afford the redundancy costs without pushing fees higher for users.

    Source: The Punch — 12 Dec 2025 (https://punchng.com/cbn-sets-one-month-deadline-for-dual-pos-connectivity/)