PoS agents in Lagos have announced that they will levy a fee of N500 for cash withdrawals of N10,000
PoS agents in Lagos have announced that they will levy a fee of N500 for cash withdrawals of N10,000
Customers in Lagos State will soon face a N500 charge for cash withdrawals amounting to N10,000 when using Point of Sale (PoS) agents. This announcement was made by the Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter, during an interview on Channels Television's Business Morning program. Stephen Adeoye, the Public Relations Officer of the Lagos Chapter, explained that the association has introduced a price list to address price discrepancies within the industry.
The new pricing structure is as follows: withdrawals ranging from N1,000 to N2,400 will have a N100 charge, N3,500 to N4,000 will incur a N200 fee, N4,100 to N6,400 will require a N300 charge, N6,500 to N7,900 will be subject to a N400 fee, N8,500 to N10,900 will have a N500 charge, N11,000 to N14,000 will incur a N600 fee, N14,500 to N17,900 will require a N700 charge, and withdrawals from N18,000 to N20,000 will be subject to a N800 fee.
As previously mentioned, depending on the specific location and circumstances, agents have the flexibility to adjust the charges accordingly. However, it is important to ensure that the charges do not exceed the prescribed limits.
Furthermore, in terms of deposits and transfers, the updated pricing structure allows agents to charge N100 for amounts ranging from N1,000 to N4,900, N200 for N5,000 to N10,900, N300 for N11,000 to N20,900, N400 for N21,000 to N30,900, N500 for N31,000 to N40,000, and N600 for N41,100 to N50,000.
Adeoye mentioned that David Abiodun, the chairman of the Lagos chapter of the association, recently disseminated the new price list to the executive committee members during a symposium. The intention behind this list is to curb the practices of agents who continue to overcharge their customers.
He stated, "While it is permissible to lower the charges based on the specific area, it is crucial that the charges do not exceed the newly established limits. To ensure transparency, we encourage all agents to prominently display the price list in their locations for customers to see."
Regarding the enforcement of the price list, the PRO outlined their strategy, which involves leveraging their strong rapport with the Lagos State Command, Police Force, and local Divisional Police Officers (DPOs) in the area. Additionally, a task force will be established in each zone to collaborate on enforcement efforts.
Adeoye elaborated, "Enforcing this new price list will be straightforward due to our positive relationship with the police force and the active involvement of DPOs in our operational areas. Soon, registered members without exception will be subject to compliance. As registered members, they possess a unique identification number and certificate. Furthermore, we maintain a fruitful collaboration with the Central Bank of Nigeria (CBN) both in Lagos and Abuja. AMMBAN actively participates in meetings focused on financial inclusion."
Therefore, implementing and enforcing these measures will be a straightforward process for us. We have established zones across nearly all the local governments, allowing our dedicated task forces to identify non-compliant agents in each zone. Additionally, we have a website that serves as a platform for registration and information dissemination.
It is worth noting that in January, Victor Olojo, the National President of AMMBAN, explicitly stated that the association had no intentions of increasing its service charges. Furthermore, in February, the Central Bank of Nigeria took proactive steps by releasing emergency telephone numbers for Nigerians to report any PoS agents who unlawfully charge amounts exceeding N200 for withdrawals up to N10,000.
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