Regulatory Alerts2015-02-11 | BPS/DIR/GEN/CIR/02/001Added · Updated
Deposit Money Banks, Switches, Processors, PTSPs and Other Payments System Service Providers
The Central Bank of Nigeria's Banking and Payments System Department circulates a reminder regarding the Electronic Payments Incentive Scheme (EPIS), which includes initiatives such as Purchase with Cash Back and COT exemptions to encourage the use of electronic payments by merchants and cardholders. The framework for implementing EPIS includes details on the Purchase with Cash Back service, specifying eligible users, merchant categories, transaction limits, and stakeholder remuneration. The circular also clarifies the definitions of "merchant" and "electronic inflows" for COT exemption purposes, emphasizing the scheme's goal to promote and reward the use of electronic payments in Nigeria.
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