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POS Operators Introduce New Price List (charges)

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CEM REPORT, FINANCE | The Association of Mobile Money and Bank Agent in Nigeria (AMMBAN), Lagos State Chapter has unveiled a unified price list (charges) for Point of Sales (POS) operations in the State.

The price list was unveiled at the 4th Annual AMMBAN Lagos Symposium themed “the impact of cashless policy on mobile money & agency banking.”

AMMBAN categorized the price into deposit and withdrawer. Depositors of amount between N1,000 – N4,900 will pay service charge of N100 while deposit of between N5,000 to N10,900 will attract N200. Between N11,000 and N20,900, attracts N300 service charge, between N21,000 and N30,900 attracts N400 as service charge, between N31,000 and N40,900 attracts service charge of N500 while between N41,000 and N50,000 attract service charge of N600.

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On the withdrawal side, amount between N1,000 and N2,400 will now attract service charge of N100 while between N2,500 and N4,000 will attract service charge of N200. N300 is now charged for between N4,100 and N6,400 while customers will now pay N400 for amound between N6,100 and N7,400. Between N7,500 and N10,900 now attract service chargeof N500 while N11,000 and N14,400 now attract service charge of N600.

Charges go to N700 for withdrawal of N14,500 and N17,900 while between N18,000 and N20,000 now attract service charge of N800

According to the chairman of AMMBAN, Lagos State Chapter, Abiodun David, the price list is to curb extortion by POS agent on the general public.

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He noted that the unveiled price list is a cap to fees agent are allowed to charge customers for transaction.

He explained that while agents are permitted to go below the price list depending on their area. He noted that agents are not allowed to go above the price list.

Responding to if the price list was a consensus by stakeholders, the general secretary, Ogungbayi Ganiyu, said the relevant stakeholders are in consensus to the price list, adding that the Central Bank of Nigeria, will also be informed of the new price list.

While registered members of the association emphasized that non-registered members would violate the price list, Ganiyu stated that a task force will be set up to enforce the price list.

He stated that the new price list reflects the present economic situation in nation adding that the price list seeks to protect the income of its members.

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