Ibadan Electricity Distribution Company (IBEDC) has said that all bill payments and vending transactions of its industrial and commercial customers will be done cashless from March 31, 2020.
The power distribution company explained that the development is in line with the cashless policy initiative introduced by the federal government as directed by the Nigerian Electricity Regulatory Commission (NERC).
The industrial and commercial customers which fall under the Residential (R3) and maximum demand categories are implored to take advantage of the hassle-free payment platforms.
The company had earlier announced that from February 1, 2020, there will be an upward review in the prices of meters sold to customers under the Meter Asset Provider (MAP) scheme introduced in 2019.
The company said in a statement that the increase is necessitated by the federal government’s increase in the value added tax (VAT) from five per cent to 7.5 per cent. In the light of the above, a single-phase meter which used to cost N38,325 (VAT inclusive) will now cost N39,237.50( VAT inclusive), while the three-phase Meter, which used to cost N70,350.00(VAT inclusive) will now costs N72, 025.00(VAT inclusive) .
Subsequently, the meter service charge on MAP payment by installments will also be reviewed to accommodate the new VAT charge.
IBEDC pointed out that, similarly the VAT on tariff has been adjusted to accommodate the new 7.5 per cent rate.
The company appealed to its esteemed customers to take note as this will be reflected during bill payment and vending for postpaid and pre-paid customers respectively.