The Association of Mobile Money and Bank Agents in Nigeria, AMMBAN, Osun State Chapter has revealed that it will review upward its charges for Point of Sale, POS, and transactions.
AMMBAN disclosed that its decision is a result of the current economic reality in the country which has negatively impacted the business.
It also revealed that another resultant effect is that many POS agents have already been shown the way out of the business.
The association which made this known in a statement released at the end of its general meeting on Saturday in Osogbo also contended that if the trend continued unchecked, it was capable of blowing the unemployment rate out of proportion leading to an imminent threat to security of lives and properties.
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In the statement signed by the State Chairman, Badru Asimiyu, and the State Secretary, Gbadebo Lukman, the association lamented the numerous challenges facing POS Operators presently in the country.
“Problems such as the surging inflation, overwhelming increase in transport fare and other overhead costs, tightened source of funding, increase in rents, staff demand for a salary rise, high POS paper costs, data subscriptions, security costs, multiple taxation/levies, loss of funds through licensed operators’ channels, fraud, and robbery attacks are confronting our members.
“Despite all these, agency banking, also known as POS business, remains the greatest SME sector that is easy to enter for an average youth to earn a living, in fact, the greatest employer of labour in the country today.
“We, therefore, direct POS Operators in Osun State to adjust the service fees in a patriotic manner as collectively agreed at the meeting to allow both the agents and the customers a breathing atmosphere in the face of galloping inflation and naira floating marauding all and sundry.
“The new prices are as follows: N1000-N3900 =N100, N4000-N5900= N150, N6000-N7900=N200, N8000-N10000=N250.
“All our zones are also directed to ensure POS operators carry out their services in line with the agreed convenience fees for transactions and in accordance with peculiarities of each zone in a patriotic manner.”
