CBN Orders the Stopping of Interchange Charges on Electronic Payment


The Central Bank of Nigeria (CBN) has suspended the implementation of interchange regime on electronic payment which involves merchant service until further notice.

 Mr. Dipo Fatokun, Director, banking and payments system department, CBN stated this  in a signed circular to merchant acquirers, card issuers, card schemes, among other stake holders.
 He explained that the CBN had communicated the discontinuance of the merchant service Charge (MSC) by May 1st, 2017, at its subsequent replacement with the implementation of the interchange regime.
MSC is known as the fee merchants such as supermarkets, pay for payments customers make to them through electronic payment channels such as Point of Sales (PoS).

 Fatokun announced this in a circular titled “Circular on the Implementation of the Interchange fee”, that “With the introduction of the Cash-Less Nigeria Project and the release of the Guidelines on PoS) card Acceptance Services, the CBN outlined the Merchant Service Charge (MSC) and the modalities for its operation in the payments system.
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