Point of Sale (PoS) agents in Lagos State are set to implement a new pricing structure, which includes charging customers N500 for cash withdrawals of N10,000.
The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Lagos Chapter, revealed the updated price list during an interview on Channels Television’s Business Morning program.
Stephen Adeoye, the Public Relations Officer of the Lagos Chapter, explained that the aim of the price list is to address inconsistencies in pricing within the industry.
Adeoye stated, “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 be N800 for withdrawal.”
He further added that agents will be allowed to charge N100 for deposits and transfers ranging from N1,000 to N4,900, N200 for amounts between N5,000 and N10,900, N300 for N11,000 to N20,900, N400 for N21,000 to N30,900, N500 for N31,000 to N40,000, and N600 for N41,100 to N50,000.
The Association’s chairman, David Abiodun, shared the new price list with executives during a symposium, with the intention of curbing excessive charges imposed by certain agents. Adeoye emphasized the need for all agents to prominently display the price list at their locations to ensure transparency for customers.
Regarding enforcement, Adeoye explained that the association has a strong relationship with the Lagos State Command of the Police Force and local Divisional Police Officers (DPOs). They plan to establish a task force in each zone to collaborate with law enforcement in enforcing the new pricing structure.
Adeoye further highlighted the association’s registration process, stating that registered members have unique numbers and certificates, and they maintain a close relationship with the Central Bank of Nigeria (CBN) in both Lagos and Abuja.
The AMMBAN aims to make enforcement a straightforward process, utilizing its network of zones within local governments and its website, where members are required to register.
This proactive approach aligns with the association’s involvement in meetings focused on financial inclusion and its commitment to ensuring fair pricing practices.
It is worth noting that in January, the National President of AMMBAN, Victor Olojo, stated that the association had no plans to increase its service charges. In February, the Central Bank of Nigeria released emergency telephone numbers for reporting PoS agents who charge above N200 for withdrawals up to N10,000.
