By Becky Usman

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Lagos state chapter, representing Point of Sales (POS) operators, has implemented revised charges for deposit and withdrawal transactions. The new pricing structure entails service fees based on specific transaction amounts.

Under the updated directive, individuals depositing amounts ranging from N1,000 to N4,900 will incur a service charge of N100. Deposits of N5,000 to N10,900 will be subject to a service charge of N200. Similarly, deposits of N11,000 to N20,900 will attract a service fee of N300, while N21,000 to N30,900 will incur a charge of N400. Deposits of N31,000 to N40,900 will be accompanied by a service charge of N500, and deposits between N41,000 and N50,000 will incur a charge of N600.

Regarding withdrawals, customers withdrawing amounts ranging from N1,000 to N2,400 will be required to pay a service charge of N100. Withdrawals of N2,500 to N4,000 will attract a service charge of N200, while withdrawals of N4,100 to N6,400 will incur a fee of N300. For withdrawals of N6,100 to N7,400, a service charge of N400 will be applied. Withdrawals of N7,500 to N10,900 will incur a charge of N500, and withdrawals of N11,000 to N14,400 will be subject to a fee of N600. Withdrawals of N14,500 to N17,900 will attract a service charge of N700, and withdrawals of N18,000 to N20,000 will now incur a charge of N800.

The AMMBAN Lagos Symposium, held under the theme “The Impact of Cashless Policy on Mobile Money & Agency Banking,” served as the platform for unveiling the new price list. Abiodun David, the Chairman of AMMBAN’s Lagos state chapter, explained that the revised pricing structure was agreed upon by the association to curb extortion by POS agents and reflects the current economic climate in the country.

While POS agents have the flexibility to lower their charges based on their region, David clarified that they are not permitted to exceed the pricing list set by the association.