Business - July 1, 2023

Nigerians to pay more for POS services

Espinews July 1, 2023

0 906 3 min read

Patronisers of Point of Sales (POS) operators, may pay more for the services as POS agents have increased charges for deposits and withdrawals.

The agents under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Lagos state chapter made this known at its 4th Annual AMMBAN Lagos Symposium themed “the impact of cashless policy on mobile money & agency banking.

According to them, for withdrawals up to N1,000 and N2,400, Nigerians are expected to pay a service charge of N100; withdrawals from N2,500 to N4,000 will incur a service charge of N200; withdrawals from N4,100 to N6,400 will incur a service fee N300.

Also, withdrawal from N6,100 to N7,400 will now attract a service charge of N400; N7,500 to N10,900 will incur a service charge of N500; 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.

For, deposit for the sum of N1,000 and N4,900 will now have to pay a service charge of N100; N5,000 and N10,900 will attract a service charge of N200.

Also, the deposit of N11,000 and N20,900 will attract a service charge of N300; N21,000 and N30,900 will attract a service fee of N400; N31,000 and N40,900 will attract a service charge of N500, and from N41,000 to N50,000 will attract a service charge of N600.

Chairman of the AMMBAN, Lagos state chapter, Abiodun David noted that the new price was agreed upon by the Association in an effort to reduce extortion by POS agents on the general people and is also a reflection of the current economic climate in the nation.

Do you have a compelling story to tell? Contact us via our email: espinewsng@gmail.com or call/WhatsApp on 08032519246.