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Lagos State PoS Agents Set To Implement New Cash Withdrawal Charges, Customers to Pay N500 for N10,000

The Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter, recently unveiled a revised price list for Point of Sale (PoS) transactions, which includes a new fee structure for cash withdrawals. Customers will now be required to pay N500 for every N10,000 withdrawn from PoS terminals across the state.Stephen Adeoye, the Public Relations Officer of the Lagos Chapter, made the announcement during an interview on Channels Television’s Business Morning programme last Friday. The objective behind this move, as stated by Adeoye, is to address price inconsistencies in the industry and establish a more standardized fee system.Adeoye provided a breakdown of the revised price list, stating, “Withdrawals ranging from N1000 to N2,400 will now incur a fee of N100. For amounts between N3,500 and N4,000, the fee will be N200. Withdrawals falling within the N4,100 to N6,400 range will carry a fee of N300. Similarly, customers withdrawing between N6,500 and N7,900 will be charged N400, while those withdrawing between N8,500 and N10,900 will face a fee of N500. Withdrawals in the N11,000 to N14,000 bracket will incur a fee of N600, N14,500 to N17,900 will be charged N700, and N18,000 to N20,000 will have an N800 withdrawal fee.”To address regional variances and exceptional circumstances, Adeoye clarified that agents have the discretion to adjust the charges within reasonable limits, but not beyond the stipulated fees.Adeoye also mentioned that the chairman of the Lagos chapter, David Abiodun, recently disseminated the revised price list during a symposium for executives. The intention behind this initiative is to curb the practices of agents who continue to overcharge their customers.He emphasized the importance of making the new fee structure visible to customers, stating, “We expect all agents to display the price list at their locations so that customers can be aware of the charges.”Regarding the enforcement of the new price list, Adeoye outlined the association’s strategy, leveraging its relationships with the Lagos State Command, the Police Force, and local Divisional Police Officers (DPOs). He mentioned plans to establish task forces in each zone to ensure compliance.Adeoye stated, “Enforcing this new price list will be straightforward since we have established good relationships with the Lagos State Command, Police Force, and all the DPOs in the area. Soon, task forces will be deployed in each zone to work in conjunction with us.”He added that the association, which has registered members with unique identification numbers and certificates, also collaborates closely with the Central Bank of Nigeria (CBN) in Lagos and Abuja, actively participating in meetings related to financial inclusion. Adeoye expressed confidence in their ability to enforce the fee structure effectively, citing the association’s presence in various local government zones and its dedicated website for registration.It is worth noting that earlier this year, in response to concerns about excessive charges, Victor Olojo, the National President of AMMBAN, stated that the association had no plans to raise its service fees. The Central Bank of Nigeria had also taken measures to address the issue, releasing emergency telephone numbers in February for reporting PoS agents who charge above N200 for withdrawals up to N10,000.As the new fee structure takes effect, customers and PoS agents alike will be closely monitoring its impact on transactions and the overall PoS service landscape in Lagos State.


Ademola Adeyemi

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