The increased charges implemented by Point of Sale (PoS) operators in Nigeria have prompted the Central Bank of Nigeria (CBN) to express its plan to intervene.
To agree on changes in transaction rates for their services, PoS agents are engaging with stakeholders around the country.
Oluwasegun Elegbede, the Association of Mobile Money and Bank Agents in Nigeria’s (AMMBAN) National Public Relations Officer, informed Punch that PoS charges have increased in the states of Lagos, Ogun, and Edo.
He explained that other states intend to raise their transaction fees in a manner similar to Lagos’.
Recall that the PRO, AMMBAN, Lagos Chapter, Stephen Adeoye, on Friday, June 30, had declared the new price lists on Channels Television’s Business Morning programme.
He said, “Let me tell you the price list, N1000–N2,400 will be N100 for withdrawal. N3500 to N4000 will be N200; N4,100 to N6,400 will be N300; N6,500 to N7,900 will be N400; N8500 to N10,900 will be N500; N11,000 to N14,000 will be N600; N14,500 to N17,900 will be N700; N18,000 to N2000 will N800 for withdrawal.”
Speaking on the development, Elegbede said the PoS operators are adjusting their prices to reflect the country’s current economic realities.
He said, “Yes, it is something that is expected to happen nationally, looking at business last year and the current economic realities, it is very important that we also continue to stay in business.
“Every other thing in the market has gone up, and we operate in the same market as every other business. Basically, the source of our business, the funding, the operational cost, and payment of staff is borne by us.”
Isa AbdulMumin, Director of Corporate Communications at the CBN, commented on the increase by informing the aforementioned publication that the central bank was aware of the problem and working to find a solution.
Responding to a text message, he said, “CBN is very much aware and working towards resolving the issue.”
Ada Peter
