Central Bank of Nigeria (CBN) has assured bank customers that they will not incur charges for using Point of Sale (PoS) machines.

The apex bank in a statement said, that the cost of such deals will be borne by merchants, which will pay 1.25 per cent of the transaction fee subject to a maximum of 2,000 per transaction.

“The fee is distributed to different parties for playing different roles in ensuring that the PoS system works well,” the statement said.

The fees according to the statement enable the parties to recover the cost of the PoS; support; maintenance and connectivity among others.

It said that where the merchants did not use the PoS, they would still be charged a penal fee of 1.25 per cent of cash transaction in excess of the cash limit policy. Merchants were also advised to recognise that there were other ways in which the PoS terminal can benefit them