POS AGENTS TO CHARGE N500 FOR N10,000 CASH WITHDRAWAL IN LAGOS SOON
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In the near future, Lagos State point of sale operators will start charging clients N500 for N10,000 cash withdrawals.
This comes after the Public Relations Officer, Lagos Chapter, Stephen Adeoye, on Friday unveiled a revised price list for PoS transactions on Channels Television’s Business Morning show on behalf of the Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter.
He claims that the purpose of the association’s price list is to end price disparities in the sector.
He said, “Let me tell you the price list, N1000–N2,400 will be N100 for withdrawal. N3500 to N4000 will be N200; N4,100 to N6,400 will be N300; N6,500 to N7,900 will be N400; N8500 to N10,900 will be N500; N11,000 to N14,000 will be N600; N14,500 to N17,900 will be N700; N18,000 to N2000 will N800 for withdrawal.
“Like we said, depending on your location, you can also step it down for people depending on the circumstances. But it should not go more than this.”
He added that agents can now charge N100 for deposits and transfers between N1,000 and N4,900, N200 between N5,001 and N10,900, N300 between N11,001 and N20,900, N400 between N22,001 and N30,900, N500 between N3,001 and N40,000, and N600 between N41,100 and N50,000.
Adeoye claimed that David Abiodun, the association’s chairman for the Lagos chapter, recently gave Excos access to the new price list at a symposium. He stated that the list was intended to rein in the actions of agents who were still overcharging their clients.
He said, “Although, we agreed that depending on one’s area, they can lower the charges. But it should exceed these new prices. This is why we expect everyone to paste it in their locations so that customers can see it.”
Commenting on how the association intends to enforce its price list, the PRO states that it will leverage its relationship with the police and a task force in their area of operations.
Adeoye explained, “To enforce this new price list is easy because we have a good relationship with the Lagos State Command, Police Force, and all the DPOs in the area. Very soon a task force will be set up in each zone so that they will work along with it.
“Today, someone can get a PoS and start working, but we would soon get to everyone. Registered members have a number and certificate, and we have a good collaboration with the CBN both in Lagos and in Abuja. AMMBAN is part of meetings around financial inclusion.
“So, enforcing this will be easy for us. We have zones in almost all the local governments. So, our task force in each zone will locate those who are there. We also have our website, and everyone has to register.”
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