Banks, NIBSS to reward bank customers for using e-payment

The nation’s banks and  the Nigeria Interbank Settlement System (NIBSS) have introduced an  incentives to encourage  banK customers to  use  electronic channels in the  payment of goods and services.
The chairman, Committee of E-Banking Industry Heads (CEBIH), Mr. Chuks Iku, who  disclosed this in Lagos  at an interactive session with journalists said that the initiative aimed at  encouraging the use of cards for payment of goods and services through PoS terminal.
He said bank customers that  use their e-payment cards to pay for goods and services on PoS terminals and web platforms will now be rewarded with cash back of 50 kobo for every N100 spent.

He said the Committee and all member banks have partnered with the Nigerian Interbank 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.

The main objective of the initiative,  according to him “ is to encourage usage of cards on PoS and the Web.”
Under the guidelines for PoS Terminal Card Acceptance Services, merchants are to pay PoS transaction fee of 1.25 percent of the transaction value subject to a maximum N2000.

This fee is shared among organisations involved in the provision and operation of the PoS terminals.
Iku explained that under the incentive scheme, 40 percent of this fee, which represents part of the portion that belongs to NIBSS and the banks will be given as cash back for transactions on PoS terminals and web platforms. This translates to 50 kobo cash back for every N100 spent through these e-payment channels.
Explaining further, he said  this is in line with the objective of CeBIH,  which is promotion of electronic banking services in Nigeria in line with “Global best practices”.

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