Business

CBN intervenes as PoS operators increase rates

The Central Bank of Nigeria (CBN) has promised to intervene in resolving the issues around the new charges implemented by Point of Sale (PoS) operators in Nigeria.

This is following increases in PoS charges across Lagos, Ogun, and Edo states.

The National Public Relations Officer, Association of Mobile Money and Bank Agents in Nigeria, Oluwasegun Elegbede, disclosed this while speaking to Punch.

According to him, other states are working to follow in Lagos’s footsteps and increase transaction charges. On Friday June 30, the PRO, AMMBAN, Lagos Chapter, Stephen Adeoye, declared on Channels Television’s Business Morning programme, that the association has come up with a new price list for PoS agents operating in the state.

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.”

Justifying the increase in prices by the Lagos chapter of the organisation, Elegbede, said that PoS agents 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.”

He stated that agents need to increase their prices if they are to continue to stay in business. He argued, “We have to increase prices if we want to continue to stay in business, we need to balance cost. It will cut across all states. What we agreed on at the national level is that each state should come up with something that is realistic in their state, we cannot dictate prices for the state.”

Elegbede explained that every state will not adopt Lagos’s rate but will tailor theirs to prevailing peculiarities. “Many of the states are having meetings with stakeholders as we speak. Many of our members are in communities where there are stakeholders. Many of them are having engagements with these stakeholders. They are setting up committees to ensure that it is something that is well adopted and accepted by all.”

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