CBN Moves to Intervene as PoS Operators Begin Hike in Charges
- The Central Bank of Nigeria has reacted to the planned hike in charges by PoS operators
- Through its spokesperson, Isa AbdulMumine, the apex bank stated that it is aware of the operators' move to hike charges
- The planned hike in charges is against the directive of CBN to charge N200 for every N10,000 withdrawal
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The Central Bank of Nigeria (CBN) has revealed that it will intervene to resolve the issues around the new charges adopted by Point of Sale (PoS) agents in Nigeria.
Point-of-Sale Operators are already meeting with stakeholders nationwide to agree on changes in transaction fees for PoS services.
Source: Getty Images
PoS operators release price list
The move follows planned increases in PoS rates across Lagos, Ogun, and Edo states.
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Punch reports that the new rates were disclosed by the national relations officer of the Association of Mobil Money and Bank Agents in Nigeria, Oluwasegun Elegbede.
Elegbede said other states are working to adopt Lagos rates and increase transaction charges.
Legit.ng reported that the association's PRO in Lagos, Stephen Adeoye, said on television that the association had created a new price list for agents operating in the state.
He listed the following prices: 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.
Elegbede said the operators are adjusting their charges to reflect the current economic realities in the country.
His words:
"Yes, it is something that is expected to happen nationally; looking at the business last year and the current economic realities, it is essential that we also continue to stay in business.
"Everything in the market has gone up, and we operate in the same market as every other business. We bear the source of our business, the funding, the operational cost, and the staff payment."
Operators violate CBN's directive
Analysts say the operators' move violates CBN directives, which released emergency numbers for Nigerians to report PoS agents' charging more than N200 for N10,000 withdrawal.
According to CBN's Director of Corporate Communications, Isa AbdulMummin, the bank is aware of the plan by agents to hike charges.
The Nigeria Inter-Bank Settlement System (NIBBS) said about 1.8 million PoS terminals are deployed across the country as of March 2023.
PoS operators announce new charges for customers' deposit and withdrawal, expect Nigerians to adjust
Legit.ng reported that 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.
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 reflects the present economic situation in the country.
Source: Legit.ng
