In a recent development, Point of Sales (POS) operators, represented by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Lagos state chapter, have implemented an increase in charges for deposit and withdrawal services. This move aims to address the issue of excessive fees imposed by POS agents while considering the prevailing economic conditions in the country.
Under the new directive, individuals depositing amounts ranging from N1,000 to N4,900 will be required to pay a service charge of N100. For deposits ranging from N5,000 to N10,900, the service charge will be N200, while N11,000 to N20,900 will incur a service charge of N300. Similarly, deposits ranging from N21,000 to N30,900 will attract a service fee of N400, and N31,000 to N40,900 will incur a service charge of N500. Deposits between N41,000 and N50,000 will now be subject to a service charge of N600.
Regarding withdrawals, individuals withdrawing between N1,000 and N2,400 will be required to pay a service charge of N100. Withdrawals ranging from N2,500 to N4,000 will incur a service charge of N200, while N4,100 to N6,400 will attract a service fee of N300. Withdrawals between N6,100 and N7,400 will now incur a service charge of N400, and N7,500 to N10,900 will incur a service charge of N500. Additionally, withdrawals ranging from N11,000 to N14,400 will attract a service charge of N600, while N14,500 to N17,900 will be subject to a service charge of N700. Lastly, withdrawals between N18,000 and N20,000 will now attract a service charge of N800.
The AMMBAN Lagos chapter announced the revised pricing structure during the 4th Annual AMMBAN Lagos Symposium, with a focus on “the impact of cashless policy on mobile money & agency banking.” Abiodun David, Chairman of the AMMBAN Lagos chapter, emphasized that the new pricing aims to curb extortionate practices by POS agents and align with the current economic climate in the nation.
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