Retail Payment Systems
In the OIC Member Countries
74
In particular, CBN will reduce merchant’s service charge (MSC), exempt the commission on
turnover (COT), provide incentive point based reward system for consumers and cardholders,
as well as enrol salesperson on the tipping point schemes which they will earn points accrued
over a period of time.
Summary
Nigeria’s large and diversified banking system is able to provide a wide range of retail payment
systems, but they are highly imbalanced. Point-of-sale terminals, although widespread, are
little used while mobile money is rapidly growing. The government’s interest is both in the
form of administrative controls and as part of the effort to reduce crime associated with cash.