This was stated in a press statement issued on July 13, 2023, under the platform of Concerned POS Operators in Nigeria.
A group of Point of Sales (POS) operators in Nigeria have proposed a new price list for their services which will depend on the amount of money involved in the transaction.
This was stated in a press statement issued on July 13, 2023, under the platform of Concerned POS Operators in Nigeria.
The POS operators noted that the new recommended pricing was determined after taking into account the socio-economic problems that Nigerians were currently experiencing.
The statement reads: “Concerned POS Operators in Nigeria is a coalition of POS operators and owners; we stand for the improved condition of our members and also advocate fair practice by financial service providers and POS operators.
“Our main aim is to bring our members together and organize ourselves to a formidable platform that is committed to being a stronger fighting platform to defend our members in unity and solidarity.
“In lieu of this, we have organized a national meeting and agreed to stand in solidarity with Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) but also opposed the new price list set by the Association of Mobile Money and Bank Agents in Nigeria.”
The POS operators described the charges proposed by AMMBAN as too outrageous, saying it's going to worsen the pain and suffering of Nigerians.
“The attention of the Concerned POS Operators in Nigeria has been drawn to the statement and list of price charges released by the Association of Mobile Money and Bank Agents in Nigeria that Nigerians who have suffered a lot of attacks through the removal of subsidy and other anti-people policies that want to deposit and withdraw should pay more.
“The new price list was unveiled at their 4th Annual AMMBAN Lagos Symposium themed “the impact of cashless policy on mobile money & agency banking”.
“While we agreed that the new cashless and fuel subsidy removal policy has greatly affected the business and the economy reality on the ground, we think the best, for now, is for the association to fight for how to make business easy for agents and the masses by fighting for some preference from government at least let the POS operators have access to cash if it would take the bank to increase their daily withdrawal limit.
“Therefore, we want to propose that from N1,000 to N5,000 attract the service charge of N100 and N5,100 to N10,000 attract the service charge of N200 and from N10,100 to N15,000 attract the service charge of N300 and from N15,100 to N20,000 attract service charge of N400.”
The group went on to urge the Central Bank to review its cashless policy in order to make more Naira notes available.
The statement continued: “We call on the Central Bank of Nigeria to review this cashless policy and increase the withdrawal limit for POS operators and mobile money agents via the ATM, counter, and other channels.
“We in the Concerned POS Operators in Nigeria think that these charges are moderate and it will help ordinary people.
“We stand in solidarity with Nigerian suffering people in this period of hardship, and we think it will be satanic and unforgivable to add more outrageous prices.
“This is what we stand for and we will continue to use social media and mass media to propagate what we stand for.”
AMMBAN had proposed that for withdrawals up to N1,000 and N2,400, Nigerians should pay a service charge of N100; withdrawal from N2,500 to N4,000 will incur a service charge of N200; withdrawal from N4,100 to N6,400, will incur a service fee N300; withdrawal from N6,100 to N7,400 will now attract a service charge of N400; withdrawal from N7,500 to N10,900 will incur a service charge of N500; withdrawal from N11,000 to N14,400, will attract a service charge of N600; withdrawal from N14,500 to N17,900 will be subject to a service charge of N700 and withdrawal from N18,000 to N20,000 will now attract a service charge of N800.
Also, Nigerians who want to deposit the sum of N1,000 and N4,900 will now have to pay service charge of N100; N5,000 and N10,900 will attract a service charge of N200; N11,000 and N20,900 will attract a service charge of N300; N21,000 and N30,900 will attract service fee of N400; N31,000 and N40,900 will attract service charge of N500 and from N41,000 to N50,000 will attract a service charge of N600.