Regulatory Alerts2016-11-09 | BPS/DIR/CIR/03/004Added · Updated
Circular on the Implementation of Interchange Fee
The Central Bank of Nigeria (CBN) has decided to replace the Merchant Service Charge (MSC) with an Interchange Fee regime starting from 1st May, 2017. Under this new system, merchants and acquirers will negotiate MSCs while CBN controls interchange fees paid by acquirers to card issuers. The table provided outlines the upper limits for interchange fees depending on card type, merchant category, and other factors. This change aims to enhance payment card usage, loyalty program investments, and the expansion of acquirer networks across Nigeria."
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