The CBN has come up with new exchange fees for all point of sale card acceptance services and merchant service charges.
In a circular addressed to Merchant Acquirers, Card Issuers, Card Schemes, Mobile Money Operators, PTSPs and PTSA the CBN said it will no longer “regulate Merchant Service Charge (MSC)” regime.
The apex bank described the old regime as limited and it will no longer fits its the as a result of the limitations of the MSC “Payments System Vision 2020”.
The interchange fee regime will replace the MSC. Merchants and Acquirers will henceforth negotiate the MSC, while the CBN will control the interchange fees paid by the Acquirers to the Card Issuer and other regulated service providers, as defined by the CBN.
The has therefore outlined new fees to be charged by merchants.
