Regulators of Point of Sales (POS) agents have updated their previous charge rates for transactions including deposit and transfer.
With the new update, Nigerians might start paying hefty sums as POS charges.
Starting from Lagos State, the agents announced a new price list for PoS transactions.
Under this new tariff, the operators will charge customers N500 for ten thousand cash withdrawals.
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The news was disclosed by Stephen Adeoye, the Public Relations Officer of the Mobile Money and Banking Agents Association of Nigeria, Lagos Chapter.
Adeoye explained that the price list was designed to address price disparities in the industry
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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 further disclosed that for deposits and transfers, agents will charge N100 for N1000 to N4000; N200 for N5000 to N10,900; N300 for N11,000 to N20,900; N400 for N21,000 to 30,000; N500 for N31,000 to N40,000; and N600 for N41,000 to N50,000.
Adeoye stated that the president of the Lagos chapter of the association, David Abiordon, presented the new price list to the executive committee at a workshop recently.
He revealed that the purpose of the list is to curb the actions of agents who continue to overcharge their clients
He said:
“Although, we agreed that depending on one’s area, they can lower the charges. But it shouldn’t exceed these new prices. This is why we expect everyone to paste it in their locations so that customers can see it.”
