POS operators in Lagos State, represented by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), have announced an increase in charges for cash deposits and withdrawals made by the public. According to Stephen Kayode, the spokesperson for Lagos AMMBAN, the decision to revise the charges is a response to the prevailing economic conditions in the country.
During an interview on Channels TV, Kayode explained that the price adjustment is necessary to account for the rising costs of paper, fuel, and maintenance. The aim is to ensure responsible usage of withdrawal services and discourage indiscriminate cash withdrawals. While pricing may vary depending on the location of the merchants, operators are not permitted to charge below the stipulated prices.
Kayode emphasized that the organization is committed to implementing anti-money laundering policies and preventing its members from engaging in illicit activities. The goal is to regulate the market and ensure that mobile money and bank agents fulfill their intended purpose, thereby encouraging more people to participate in the POS business.
The revised fees for transactions are as follows:
Withdrawals:
- N1,000 – N2,400 (N100 fee)
- N3,500 – N4,000 (N200 fee)
- N4,100 – N6,400 (N300 fee)
- N6,500 – N7,900 (N400 fee)
- N8,000 – N10,900 (N500 fee)
- N11,000 – N14,000 (N600 fee)
- N14,500 – N17,900 (N700 fee)
- N18,000 – N20,000 (N800 fee)
Deposits:
- N1,000 – N4,900 (N100 fee)
- N5,000 – N10,900 (N200 fee)
- N11,000 – N20,900 (N300 fee)
- N21,000 – N30,900 (N400 fee)
- N31,000 – N40,000 (N500 fee)
- N41,000 – N50,000 (N600 fee)
Please note that these charges are subject to change and may be adjusted based on market conditions.
