The Association of Mobile Money and Bank Agents In Nigeria (AMMBAN) said the recent increase in Point of Sales (POS) transaction charges is a reflection of the current economic climate in the country.

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

“As the image maker of the Lagos Chapter of the Association of Mobile Money and Bank Agents In Nigeria, it is easy for me to give the full details of the increase,” Adeoye said.

He explained that for withdrawals up to N1,000 and N2,400, Nigerians are expected to pay a service charge of N100 while from N2,500 to N4,000, it is N200.

Withdrawals from N4,100 to N6,400 will incur a service fee N300 while N6,500 to N7,900 is N400 and N8,000 to N10,900 will pay N500.

Adeoye said withdrawals from N11,000 to N14,400 will attract a service charge of N600 while N14,500 to N17,900 will cough out N700 and N18,000 to N20,000 will now pay N800.

“But people can also step the prices down depending on their locations and circumstances but they should not go more than the agreed amounts,” Adeoye said.

He said that for deposits of up to N1,000 and N4,900, Nigerians are expected to pay a service charge of N100 while N5,000 to N10,900 is now N200.

According to him, deposits from N11,000 to N20,900 will incur a service fee N300 while N21,000 to N30,900 will now attract a service charge of N400.

Furthermore, from N31,000 to N40,000 will incur a service charge of N500 and from N40,100 to N50,000, it is N600 for deposit or transfer.

“However, we can still reduce it because we are humane but it is not that people will go to a certain POS and get charged lesser than the agreed amount,” Adeoye said.

He also said that AMMBAN want to avoid the POS operators who are causing the major problem in the industry by not adhering to the agreed prices.

“Take a very good look at the prices of paper and fuel as well as the cost of maintenance, so people won’t just get to withdraw money anyhow.

“Look at our association, we also have anti-laundering policies, so our members do not join such people doing the illegal business.

“So we are ready to satisfy our customers so our agents really live out for the purpose of business.” (The Guardian)

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