Point-of-sale, PoS, operators in Nigeria have been divided over the implementation of new service charges that commenced on Monday.
New charges range from N100 for deposits of N1,000 to N600 for deposits of N50,000
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) had announced the new charges in June, saying that they were necessary to ensure the survival of PoS operators in the face of rising operating costs.
The new charges range from N100 for deposits of N1,000 to N600 for deposits of N50,000.
Furthermore, for withdrawals up to N1,000 and N2,400, customers will pay a service charge of N100; withdrawal from N2,500 to N4,000 will attract a service charge of N200; withdrawal from N4,100 to N6,400 will incur a service fee of N300; just as withdrawal from N6,100 to N7,400 will further 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 according to them will now attract a service charge of N800.
Some PoS operators have welcomed the new charges, saying that they are a necessary evil. They argue that the charges will help to offset the rising costs of running a PoS business, such as the cost of rent, electricity, and internet access.
Other PoS operators, on the other hand have criticized the new charges, saying that they are too high and will be passed on to consumers. They argue that the charges will make it more difficult for people to use PoS machines, which could discourage the use of cashless payments.
These set of operators under the umbrella of Concerned POS Operators in Nigeria say the increase is outrageous and against the masses.
The Chairman of the group, Kayode Salako, stated that the new charges would compound the woes of many Nigerians.
“Our attention has been drawn to the revised charges released by the Association of Mobile Money and Bank Agents in Nigeria. Nigerians who have faced hardship due to the removal of subsidies and other anti-people policies would have to pay more to deposit and withdraw money. We oppose AMMBAN’s new price list. We believe it is too outrageous and will add to Nigerians’ pain,” Salako said.
“While we agree that the new cashless and fuel subsidy removal policies have greatly affected businesses, we think the best thing, 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 the government to at least let the POS operators have access to cash if it would take the bank to increase their daily withdrawal limit.”
He however, informed that his own group has come out with their own service charges.
“We have proposed 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 the service charge of N400”.
The Central Bank of Nigeria (CBN) has not yet commented on the new charges.
Madukwe B. Nwabuisi is an accomplished journalist renown for his fearless reporting style and extensive expertise in the field. He is an investigative journalist, who has established himself as a kamikaze reporter.
