POS Operators Announce New Charges for Cash Deposit, Withdrawal

POS Operators Announce New Charges: The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Lagos State Chapter has released 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.

Why the new price list by POS Operators.

Abiodun David, the chairman of AMMBAN Lagos State Chapter, said the new price list is aimed at curbing extortion by POS agents on the general public and is also a reflection of the present economic situation in the country.

He further explained that while POS agents are permitted to go below the price list depending on their area, they are not allowed to go above the price list, as reported by CEM.

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Furthermore, at the meeting, Ogungbayi Ganiyu, the General Secretary of AMMBAN, stated that efforts are being made to communicate the changes to the Central Bank of Nigeria.

Mediangr.com.ng understands that since the implementation of the CBN’s naira redesign policy, which resulted in a cash shortage in the country, there has been a disruption in the operation of POS agents.

While many have reverted to the charges prior to the scarcity of naira notes, there are still some who continue to charge higher than the previous rates.

List of new charges by POS Operators, Nigeria.

AMMBAN categorized the price into deposit and withdrawal.

Cash Deposit

• N1,000 and N4,900 will pay a service charge of N100.
• N5,000 and N10,900 will attract a service charge of N200.
• N11,000 and N20,900 will incur a service charge of N300.
• N21,000 and N30,900 will have a service charge of N400.
• N31,000 and N40,900 will be subject to a service charge of N500.
• N41,000 and N50,000 will attract a service charge of N600.

Cash Withdrawals

• N1,000 and N2,400 will now attract a service charge of N100.
• N2,500 and N4,000 will incur a service charge of N200.
• N4,100 and N6,400, customers will now be charged N300.
• N6,100 and N7,400 will now attract a service charge of N400.
• N7,500 and N10,900 will incur a service charge of N500.
• N11,000 and N14,400, a service charge of N600 will be applied.
• N14,500 to N17,900 will be subject to a service charge of N700.
• N18,000 and N20,000 will now attract a service charge of N800.

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CBN issues 4 new directives to Access, Zenith, GTB on domiciliary bank accounts

Meanwhile, in another report, the CBN has released six new directives on how domiciliary bank accounts should operate in the country

The move is aimed at promoting transparency, discouraging speculation, and ensuring overall stability in the forex market

Access, Zenith, and Guaranty Trust among several other commercial banks are expected to make make the necessary adjustments