Regulatory Alerts2017-04-20 | BPS/DIR/GEN/CIR/04/003Re: Circular on the Implementation of Interchange Fee
The Central Bank of Nigeria (CBN) announces the suspension of the implementation of the Interchange Regime, which was set to replace the Merchant Service Charge by May 1, 2017. This decision is made as per a previous communication in the CBN Circular dated November 1, 2016 (BPS/DIR/GEN/CIR/03/004). The suspension of this implementation remains effective until further notice.
BANKING AND PAYMENTS SYSTEM DEPARTMENT CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187, Garki, Abuja.
+234 - 0946238445 BPS/DIR/GEN/CIR/04/003 April 20, 2017 To: Merchant Acquirers, Card Issuers, Card Schemes, Mobile Money Operators, PTSPs and PTSA
Re: Circular On The Implementation Of Interchange Fee
Kindly refer to the CBN Circular of November 1, 2016, referenced BPS/DIR/GEN/CIR/03/004, where the Bank had communicated the discontinuance of the Merchant Service Charge (MSC) by May 1, · 2017, and its subsequent replacement with the implementation of the Interchange Regime.
In line with the aforementioned, the Bank hereby notifies all stakeholders that the implementation of the Inter change regime has been suspended, until further notice.
Please be guided accordingly.
Dipo' Fatokun Director, Banking & Payments System Department