Having survived the Naira Redesign policy that distorted business operations in the country, Point of Sales (PoS) operators have adopted a uniform fee structure that increases charges by at least 200 percent.
Unlike before when customers pay N100 on withdrawals up to N5,000, charges on N5,000 under the new structure now attract N300 charges, representing a 200 percent increase.
The uniform fee structure which they said aims to address the disparity in charges brought about by the CBN naira redesign crisis was unveiled at the 4th Annual symposium of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) themed “the impact of Cashless policy on mobile money & agency banking.
Pos operators are members of AMMBAN and the new fee structure is as follows.
To Deposit
Customers are to pay a service charge of N100 on a deposit of between N1,000 and N4,900 while from N5,000 to N10,900 will now attract a service charge of N200.
On N11,000 to N20,900, customers will pay a service charge of N300 while N400 is to be charged on deposit from N21,000 to N30,900
N31,000 and N40,900 will be subject to a service charge of N500 while N41,000 to N50,000 deposits will attract a service charge of N600.
Withdrawals
To withdraw from N1,000 and N2,400, customers will now pay a service charge of N100
while customers withdrawing between N2,500 and N4,000 will pay a service charge of N200, a 100 percent increase over the charges in the pre- Currency Redesign era.
* N4,100 and N6,400, customers will now be charged N300.
* N6,100 and N7,400 will now attract a service charge of N400.
* N7,500 and N10,900 will attract a service charge of N500.
* N11,000 and N14,400, a service charge of N600 will be applied.
* N14,500 to N17,900 will be subject to a service charge of N700.
* N18,000 and N20,000 will now attract a service charge of N800.
To ensure compliance with this new fee structure, the operators in Lagos, under the aegis, AMMBAN, have constituted a task force to ensure that operators adhere strictly to the new structure that sets new charges for both deposit and withdrawal of money.
Abiodun David, the chairman of AMMBAN Lagos State Chapter, said the new price list is to curb extortion by POS agents on the general public and is also a reflection of the present economic situation in the country.
He further explained that while POS agents are permitted to go below the price list depending on their area, they are not allowed to go above the price list.
Ogungbayi Ganiyu, the General Secretary of AMMBAN, said the new fee structure will be communicated to the Central Bank of Nigeria.
Comments are closed.