Zenith Bank Warns PoS Operators Over Illegal Fee Hikes, Pegs Daily ATM Withdrawals at N200,000

• Zenith Bank has cautioned PoS operators over illegal hikes in transactions
• The bank said its Z-Money agents are barred from implementing the proposed hike by operators
• The development follows another warning by the Federal Competitions and Consumer Protection Commission barring the operators the hike

Zenith Bank has said that its registered agents cannot enforce the new proposed transaction changes by Point of Sale Operators.

The bank operates Z-Money agency banking.

Legit.ng reported that the Lagos Chapter of the Association of Mobile Money Bank Agents in Nigeria AMMBAN recently announced a new list for PoS transactions.

Zenith Bank says the proposed hikes is a violation of CBN rules

In a recent interview, the association’s spokesperson, Stephen Adeoye, revealed that the measure was to deter the association members from charging arbitrary fees.

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Adeoye said agents in the state were mandated to charge N100 for withdrawals between N1000 to N2,400, N200 for N3,500 to N4,000, and N300 for N4,100 to N6,400.

Zenith Bank said the adjustment violates the directives of the Central Bank of Nigeria (CBN).

TheCable reports that the bank disclosed this in a circular signed by Lanre Oladimeji, head of retail banking, and Uju Umeh, its retail banking executive.

Zenith Bank said:

“Kindly be informed that the changes in transaction charges/fees as highlighted in the publication are not in line with CBN regulation and, as such, cannot be implemented by registered agents,” the circular reads.

“Agents are advised to maintain status-quo on pricing based on agreement with the bank.”

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According to the bank, any price adjustments would be communicated appropriately via official channels after consultations with the regulatory authority.

CBN’s spokesman, Isa Abdulmummin, had said the apex bank is in talks with PoS operators on the issue.

FG moves against PoS operators

Zenith Bank’s stance comes amid reports that the Federal Competition and Consumer Protection Commission (FCCPC) has barred the operators from effecting the proposed fee hike.

Legit.ng reported that FCCPC in a statement published on its website and signed by its chief executive officer, Babatunde Irukera, the FCCPC clarified that the Federal Competition and Consumer Protection Act (FCCPA) prohibits any trade association from setting prices in a manner that can disrupt the market.

The commission cautioned AMMBAN against implementing the proposed pricing, emphasizing that any such action would result in penalties stipulated by the FCCPA.

Zenith Bank raises Daily withdrawal limit to N200,000 daily on ATM as banks ration cash

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Earlier, Legit.ng reported that One of Nigeria's tier-1 banks, Zenith Bank, adjusted its cash withdrawal limit to N200,000 daily at its ATMs nationwide.

Nigeria's apex bank, the Central Bank of Nigeria (CBN), had pegged the maximum cash withdrawal per week per person through ATMs at N20,000 daily cash withdrawal.

In a message on Wednesday, July 5, 2023, Zenith Bank said customers can perform cash withdrawals of up to N200,000 daily at Zenith Bank ATMS nationwide.

Source: Legit.ng