POS Operators Announce New Service Charges, N20,000 Withdrawal Now Attracts N800 Fee

A group of Point of Sales operators in Nigeria have protested against the increased service charges in the country which took effect on Monday.

The Association of Mobile Money and Bank Agents in Nigeria announced new service charges for operators in June.

The association had said the increase in service charges was to ensure Point of Sale operators survive.

With the implementation of the framework, Nigerians who wanted to deposit N1,000 and N4,900 would now have to pay a service charge of N100; N5,000 and N10,900 will attract a service charge of N200; N11,000 and N20,900 will attract a service charge of N300; N21,000 and N30,900 will attract a service charge 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.

For withdrawals up to N1,000 and N2,400, Nigerians will pay a service charge of N100; withdrawal from N2,500 to N4,000 will incur a service charge of N200; withdrawal from N4,100 to N6,400 will incur a service fee of N300; withdrawal from N6,100 to N7,400 will now 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 will now attract a service charge of N800.

However, the operators under the umbrella of Concerned POS Operators in Nigeria described the increase as outrageous and anti-people.

Speaking with our correspondent in Abuja on Monday, the Chairman of the group, Kayode Salako, said the charge hike would compound the woes of many Nigerians.

He said, “Concerned PoS Operators in Nigeria is a coalition of PoS operators and owners. We stand for the improved condition of our members and advocate fair practice by financial service providers and PoS operators.

“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.”

“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 said the group had come up with a service charge for its members, urging AMMBAN to embrace it.

Salako said, “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.

“This has been adopted by our members across the country. We stand in solidarity with Nigerians in this period of hardship, and we think it will be satanic and unforgivable to add more outrageous prices to it.’

Salako also called on the Central Bank of Nigeria to review its cashless policy and increase the withdrawal limit for operators.

He said, “We call on the Central Bank of Nigeria to review this cashless policy and increase the withdrawal limit for PoS operators and mobile money agents via the ATM counter, and other channels.”