POS operators fix new charges for withdrawals and deposits (see new price)

The Lagos State chapter of the Association of Mobile Money and Bank Agents In Nigeria (AMMBAN) has increased the amount to be charged by Point of Sales (POS) operators from members of the public for cash deposits and withdrawals.

The Lagos AMMBAN spokesperson, Stephen Kayode stated on Friday that the upward review of their charges is due to the economic realities in the country.

Adeoye who spoke during an interview on Channels TV said the increased charges would be a unified price list.

“Looking at the price of paper and fuel as well as the cost of maintenance, so people won’t just get to withdraw money anyhow,” he said.

He added that the prices may go up depending on the location of the merchants, but no operator is expected to go lower than the stipulated prices.

“The prices can still be adjusted, as the organization is keen on its anti-laundering policies, so our members do not join people doing illegal business.”

“We are ready to sanitize the market and make sure our social mobile money and bank agents live up to the purpose, thereby encouraging people to join the PoS business,” Adeoye said.

The increased fee charge per transaction is as follows.

For withdrawal, he said N1,000 – N2,400 (N100), N3,500- N4000 (N200), N4,100-N6,400 (N300), N6,500-N7,900 (N400), N8,000-N10,900 (N500), N11,000- N14,000 (N600), N14,500-N17,900 (N700),N18,000-N20,000 (N800).

For deposits, he said N1,000-N4,900 (N100), N5000-N10,900 (N200), N11,000-N20,900 (N300), N21,000-N30,900 (N400), N31,000-N40,000 (N500), N41,000-N50,000 (N600).