AMMBAN defies CBN, jerks up charges for PoS transactions

The Association of Mobile Money and Bank Agents In Nigeria (AMMBAN) Lagos Chapter, has released a unified price list for Point of Sales (PoS) transactions.

Stephen Adeoye, the spokesman of the Lagos Chapter of AMMBAN on Friday, said this on Channels Television while giving the details of the increase in the unified price list for PoS transactions.

The directive is defiance to the guidelines giving by the Central Bank of Nigeria on PoS charges.

According to Adeoye, the association is increasing the price of PoS transactions both for withdrawals and deposits as a result of the economic downtime experienced in the economy.

“Looking at the price of paper and fuel as well as the cost of maintenance, so people won’t just get to withdraw money anyhow,” he said.

Standing as the image maker of the association, he said the price should reflect on the location of the merchants, but shouldn’t be lower than the stipulated prices.

The increased fee charge per transaction is as follows.

For withdrawal, he said N1,000 – N2,400 (N100), N3,500- N4000 (N200), N4,100-N6,400 (N300), N6,500-N7,900 (N400), N8,000-N10,900 (N500), N11,000- N14,000 (N600), N14,500-N17,900 (N700),N18,000-N20,000 (N800).

For deposits, he said N1,000-N4,900 (N100), N5000-N10,900 (N200), N11,000-N20,900 (N300), N21,000-N30,900 (N400), N31,000-N40,000 (N500), N41,000-N50,000 (N600).

He said, “The prices can still be adjusted, as the organisation is keen on its anti-laundering policies, so our members do not join people doing illegal business.”

“We are ready to sanitise the market and make sure our social mobile money and bank agents live up to the purpose, thereby encouraging people to join the PoS business,” Adeoye said.