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The Central Bank of Nigeria (CBN) has announced its intervention to address the concerns arising from the new charges introduced by Point of Sale (PoS) operators in the country.
Following the recent increase in PoS charges in Lagos, Ogun, and Edo states, PoS agents are engaging with stakeholders nationwide to discuss changes in transaction fees for their services. Oluwasegun Elegbede, the National Public Relations Officer of the Association of Mobile Money and Bank Agents in Nigeria, confirmed this to The PUNCH.
Elegbede mentioned that other states are also planning to follow Lagos’s lead in increasing transaction charges. On a recent episode of Channels Television’s Business Morning program, Stephen Adeoye, the PRO of AMMBAN Lagos Chapter, presented a new price list for PoS agents operating in the state. The revised fees range from N100 to N2,400, with corresponding withdrawal charges.
In defense of the price adjustment, Elegbede emphasized that PoS agents are aligning their prices with the prevailing economic conditions in Nigeria. The increase is necessary for their businesses to remain viable, considering rising operational costs, funding, and staff payment.
While each state will determine its own rates based on local peculiarities, Elegbede clarified that the new rates would be realistic and acceptable to stakeholders. State-specific committees are being formed, and engagements with relevant parties are ongoing to ensure a smooth implementation process.
Elegbede also mentioned that most mobile agents across the country are members of AMMBAN, and even non-members will likely adjust their fees to benefit from the increased transaction charges. He assured The PUNCH that the implementation of the new rates has commenced in Lagos, with other states gradually following suit.
Despite AMMBAN’s actions, which contradict the CBN’s recent directive to Nigerians to report any PoS agent charging more than N200 for withdrawals up to N10,000, the CBN remains aware of the situation and is actively working towards resolving the issue. Isa AbdulMumin, the Director of Corporate Communications at the CBN, acknowledged the rate hike and assured that appropriate measures would be taken.
As of the end of March 2023, the Nigeria Inter-Bank Settlement System reported 1.8 million deployed PoS machines, with an increasing number of Nigerians relying on PoS services. The transaction value reached a record high of N1.15 trillion during the same period.
The CBN’s intervention aims to address the concerns raised by the increased PoS charges and ensure a fair and transparent framework that benefits both customers and operators.
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