Lagos PoS agents would charge N500 for a cash withdrawal of N10,000.
The PRO asserts that it will leverage its relationship with the police and a task force in its area of operations in order to enforce its price list.
According to the PUNCH, POS agents in Lagos State are planning to raise their prices.
Customers will soon be charged N500 for cash withdrawals of N10,000 by the agents.
This comes after the Public Relations Officer for the Lagos Chapter of the Association of Mobile Money and Bank Agents in Nigeria, Stephen Adeoye, unveiled a new price list for PoS transactions on Channels Television’s Business Morning program on Friday.
According to him, the purpose of the association’s price list is to eliminate price disparities in the business.
“Let me tell you the price list, N1000-N2,400 will be N100 for withdrawal,” he stated. N3500 to N4000 is N200; N4,100 to N6,400 is N300; N6,500 to N7,900 is N400; N8500 to N10,900 is N500; N11,000 to N14,000 is N600; N14,500 to N17,900 is N700; and N18,000 to N2000 is N800.
“As we previously stated, depending on your location, you can also step it down for people based on the circumstances.” But it should not go much farther.”
He went on to say that for deposits and transfers, agents can now charge N100 for N1,000 to N4,900, N200 for N5000 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 N31,000 to N60,000.
Adeoye stated that the chairman of the association’s Lagos chapter, David Abiodun, recently issued the new price list to excos at a symposium. He stated that the list was created to limit the operations of agents who were still overcharging their customers.
“However, we agreed that depending on one’s location, they can lower the charges,” he stated. However, it should be higher than the new prices. This is why we require everyone to post it somewhere where customers can see it.”
The PRO asserts that it will leverage its relationship with the police and a task force in its area of operations in order to enforce its price list.
“Enforcing this new price list is simple because we have good relationships with the Lagos State Command, the Police Force, and all the DPOs in the area,” Adeoye explained. Soon, a task force will be established in each zone to work alongside it.
“Today, anyone can get a PoS and start working, but we’ll get to everyone soon.” Registered members are given a number and a certificate, and we work closely with the CBN in both Lagos and Abuja. AMMBAN participates in meetings about financial inclusion.
“As a result, enforcing this will be simple for us.” Zones exist in practically all municipal administrations. As a result, our task forces in each zone will locate those who are present. We also have a webpage where everyone must register.”
In January, AMMBAN National President Victor Olojo told The PUNCH that the organization had no plans to raise its service rates. The Central Bank of Nigeria released emergency phone lines in February where Nigerians may report PoS agents charging more than N200 for withdrawals of up to N10,000.