CBN Announces Intention To Intervene In PoS Operators Price Hike

The Central Bank of Nigeria (CBN) has stated that it plans on intervening in the new charges adopted by Point of Sale (PoS) operators  in Nigeria.

Naija News understands that PoS agents are meeting with stakeholders across the country to agree on changes in transaction charges for their services.

The National Public Relations Officer, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Oluwasegun Elegbede, told Punch that there has been an increase in PoS charges across Lagos, Ogun, and Edo states

He explained that other states are also planning on following in the footsteps of Lagos and increase their transaction fee.

Recall that the PRO, AMMBAN, Lagos Chapter, Stephen Adeoye, on Friday, June 30, had declared the new price lists on Channels Television’s Business Morning programme.

He said, “Let me tell you the price list, N1000–₦2,400 will be N100 for withdrawal. N3500 to N4000 will be N200; ₦4,100 to ₦6,400 will be N300; ₦6,500 to ₦7,900 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.”

Speaking on the development, Elegbede said the PoS operators are adjusting their prices to reflect the country’s current economic realities.

He said, “Yes, it is something that is expected to happen nationally, looking at business last year and the current economic realities, it is very important that we also continue to stay in business.

“Every other thing in the market has gone up, and we operate in the same market as every other business. Basically, the source of our business, the funding, the operational cost, and payment of staff is borne by us.”

Commenting on the increase, the Director, Corporate Communications, CBN, Isa AbdulMumin, told the aforementioned publication that the apex bank was aware of the issue and working towards resolving the situation.

Responding to a text, he said, “CBN is very much aware and working towards resolving the issue.”