Banks, NIBSS To Give Cashback On POS Usage

 

As the cashlite policy of the Central Bank of Nigeria (CBN) goes nationwide in June this year, banks’ customers across the country would  be getting incentives for using point of sale (POS) terminals.

The incentives, which would  come as cashback on purchases paid for through POS, would  be courtesy of banks and the Nigeria Inter Bank Settlement System (NIBSS).


According to the chairman of the committee of e-Banking Industry Heads and Group Head of E-Channels at Skye Bank, Chuks Iku, banks’ customers would  get back 40 per cent of the 1.25 per cent that merchants are charged on POS usage.

Iku noted that, “the committee and all member banks have partnered with the Nigerian Inter Bank Settlement System (NIBSS) for an incentive scheme for members of the public whereby cash back rewards are given to card holders for using their cards to make payments on alternate channels.”