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CBN Indefinitely Suspends Implementation of Interchange Fee

By Modupe Gbadeyanka

Central Bank of Nigeria (CBN) has announced an indefinite suspension of the implementation of the interchange fee.

The central bank announced the suspension of the policy on Thursday night via a circular it posted on its website.

In the circular signed by the Director of Banking & Payments System Department at the CBN, Mr Dipo Fatokun, the bank informed “all stakeholders that the implementation of the interchange regime has been suspended, until further notice.”

The policy was meant to be effected by merchant acquirers, card issuers, card schemes, mobile money operators, PTSPs and PTSA.

On November 1, 2016, the CBN had issued a circular with the reference BPS/DIRlGEN/CIRl03/004, to stakeholders on the discontinuance of the Merchant Service Charge (MSC) by May 1, 2017, and its subsequent replacement with the implementation of the interchange regime.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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