The Nigeria Interbank Settlement System (NIBSS) has said that it recorded a N400 million payment as cash-back to the users of Point of Sales (PoS) terminals in 2015.
The cash-back scheme was introduced in 2014 as an incentive for customers to use their cards for payments, as well as drive the usage of PoS. This involved the payment of 40 per cent of the 1.25 per cent that merchants were charged for operating the PoS.
On the other hand, four banks were sanctioned last year for non-reversal of dispense error within the specified 48-hour timeframe given by the Central Bank of Nigeria (CBN).
While speaking at a press conference organised by NIBSS, an Assistant Director in-charge of Payment Policy and Oversight, Banking and Payment System, CBN, Shola Agboola, noted that the following the issuance of the circular directing banks to install and optimize the auto reversal solution, the apex bank found four banks wanting.
“When we carried out our oversight function on the banks to ensure that they have done what they were asked to do, four banks were penalized for non-compliance. A situation whereby customers will have a problem and complain to banks and will not be attended to can no longer continue,” he said.
Meanwhile, in conjunction with CBN, will be recognizing banks, payment service providers and PoS merchants that have distinguished themselves in promoting the electronic payments.
The maiden edition of the awards, which is planned to become a yearly event, will hold tomorrow.
The Executive Director, Business Development, NIBSS, Mrs. Christabel Onyejekwe, noted that the payment of cash-back, which ended in December 2015, will be replaced with the loyalty scheme, which will give out points for PoS usage and redeemed at a specified period.
She noted that of the 120,000 PoS terminals in the country, about 100,000 are connected to the NIBSS platform while only 62,000 are active.