Business & Finance

Central Bank of Nigeria Addresses Point of Sale Rate Hike Concerns Amidst Rising Transaction Charges

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Central Bank of Nigeria Addresses Point of Sale Rate Hike Concerns Amidst Rising Transaction Charges

In a move to tackle the recent surge in transaction charges by Point of Sale (PoS) operators across Nigeria, the Central Bank of Nigeria (CBN) has announced its intervention to address the concerns surrounding these rate hikes. With PoS agents convening with stakeholders nationwide to discuss adjustments in transaction fees, the CBN aims to provide a resolution to the ongoing issue. The decision comes as several states, including Lagos, Ogun, and Edo, witness an increase in PoS charges, leading to debates on the economic impact.

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CBN’s Intervention:

Acknowledging the need for a prompt response, the CBN has committed to intervening in the situation. The regulatory body recognizes the importance of finding a balance between the sustainability of PoS operations and the impact on consumers. By stepping in to address the rate hike concerns, the CBN aims to ensure that transaction charges remain reasonable and reflective of the country’s economic realities.

PoS Agents React:

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has been at the forefront of these discussions. Oluwasegun Elegbede, the National Public Relations Officer of AMMBAN, emphasized that the rate adjustments were necessary for PoS agents to cope with the challenging economic conditions. Elegbede revealed that other states are following in Lagos’ footsteps, considering similar changes in transaction charges.

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New Price List for PoS Agents in Lagos:

Stephen Adeoye, the PRO of AMMBAN’s Lagos Chapter, recently announced a revised price list for PoS agents operating in Lagos. The updated fee structure seeks to accommodate the current economic realities faced by businesses. The new rates range from N100 for withdrawals between N1,000 and N2,400, increasing incrementally to N800 for withdrawals between N18,000 and N20,000.

CBN’s Commitment to Consumers:

While acknowledging the economic challenges faced by PoS agents, the CBN remains committed to safeguarding the interests of consumers. The regulatory body will ensure that any adjustments in transaction charges strike a fair balance between the sustainability of PoS operations and the affordability for customers. By actively intervening in the matter, the CBN aims to prevent excessive charges that could burden individuals and businesses.

As PoS operators in Nigeria implement rate hikes, the CBN has stepped in to address concerns surrounding these increases. The regulatory body’s intervention aims to strike a balance between the economic realities faced by PoS agents and the affordability of transactions for consumers. The AMMBAN’s revised price list in Lagos serves as a starting point for fee adjustments, with other states likely to follow suit. The CBN’s commitment to resolving this issue demonstrates its dedication to ensuring a fair and sustainable financial environment for all parties involved.

Source: The Punch

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