PoS Operators Seek Further Review of Charges by CBN, as Opay, Others Begin EMTL Deductions
- PoS operators have asked the Central Bank of Nigeria (CBN) and the office of the Vice President to review the five per cent charge on their services
- The operators disclosed that the introduction of a new charge by fintech firms has added to their burden
- They stated in a statement in Ibadan that the fee is prohibitive as agents already carry several charges
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has asked the Central Bank of Nigeria (CBN) and the Office of the Vice President to review the five per cent charge on PoS transactions imposed on its members.
AMMBAN asked the Vice President and the CBN to review the charges and ensure that companies provide their agents with the needed support and funding.
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PoS operators seek review as FG fumes
The association said the recent introduction of the five per cent agent fee had increased the operators’ burden.
A previous report by Legit.ng disclosed that Vice President Kashim Shettima asked the CBN and banks to rein in the excesses of PoS operators whom he said engage in cut-throat activities and are responsible for the current cash scarcity.
Meanwhile, AMMBAN said in a statement in Ibadan that the fee is prohibitive as agents already carry several charges.
The association lamented that operators are not accorded their deserved priority regarding cash accessibility, which results in difficulty in accessing cash while providing essential services to Nigerians.
AMMBAN added that the hike would jeopardise the Nigerian government's financial inclusion plans.
Fintech firms announce new charges
On December 2, 2024, financial technology companies began charging Electronic Money Transfer Levy (EMTL) on recipients accounts imposed by the Nigerian government.
The companies said that the new charge aligns with the 2023 Finance Act, stating that transactions of N10,000 and above would attract an N50 charge as EMTL.
PoS operators begin new charges
Legit.ng earlier reported that PoS operators hiked their charges following the implementation of the N50 EMTL charges by fintech firms.
The Federal Inland Revenue Service ordered the implementation of the EMTL on behalf of the Nigerian government.
The policy was scheduled to begin on September 9, 2024, but it was delayed following Nigerians' outrage.
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Source: Legit.ng
