‘N500 Per N10k’ — POS Operators Announce Uniform Fee Structure For Transactions In Lagos

Official exchange rate drops to N847
Official exchange rate drops to N847

‘N500 Per N10k’ — POS Operators Announce Uniform Fee Structure For Transactions In Lagos

The Lagos chapter of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), has announced a new price list for PoS transactions in the state.

In an interview on Channels Television on Friday, Stephen Adeoye, the spokesperson of the association, said the measure was put in place to deter fraud and curtail “agents who still overcharge.”

He said the uniform fee structure would prevent a recurrence of what happened during the cash scarcity period, where agents overcharged customers without any regulation.

For withdrawal, Adeoye said, agents in the state are now mandated to charge N100 for an amount between N1000 – N2,400; N200 for N3,500 to N4,000; and N300 for N4,100 to N6,400.

Adeoye said withdrawals from N6,500 to N7,900 will attract a fee of N400; while a charge of N500 will be for transactions from N8500 to N10,900.

Others are N600 for N11,000 to N14,000; N700 for N14,500 to N17, 900; and N800 for N18,000 to N2o,000 for withdrawal.

“Some still overcharge customers and we don’t want that. All of us want things to be easier for our customers and the country as a whole,” he said.

“That’s why we have brought out this list. Depending on your area, you can decide to lower it for your customers but it shouldn’t be more than the fees in the list.

“We expect agents to paste the fee structure in their locations. To enforce this is easier because we have a good relationship with the Lagos police command and very soon a task force will be set up to work along with the force.”

Adeoye added that for deposits and transfers, agents can now charge N100 for N1,000 to N4,900; N200 for N5000 to N10,900; N300 for N11,000 to N20,900; N400 for N21,000 to N30,900; N500 for N31,000 to N40,000; and N600 for N41,100 to N50,000.