Under the auspices of the Lagos state branch of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), point-of-sale (POS) providers have raised deposit and withdrawal fees.
According to the new rule, Nigerians who want to deposit between N1,000 and N4,900 will now have to pay a service fee of N100; between N5,000 and N10,900, a service fee of N200; between N11,000 and N20,900, a service fee of N300; between N31,000 and N40,900, a service fee of N400; and between N41,000 and N50,000, a service fee of N600.
Nigerians are expected to pay a service fee of N100 for withdrawals under N1,000 and N2,400; N200 for withdrawals between N2,500 and N4,000; N300 for withdrawals between N4,100 and N6,400; N400 for withdrawals between N6,100 and N7,400; N500 for withdrawals between N7,500 and N10,900; N600 for withdrawals between N11,000 and N14,400; and N600 for withdrawals between N14,560 and N16,000;
The fourth annual AMMBAN Lagos Symposium, with the topic “the impact of cashless policy on mobile money & agency banking,” saw the release of the new pricing list.
The new pricing was decided upon by the Association in an effort to prevent extortion by POS agents on the general public and is also a reflection of the present economic condition in the country, according to Abiodun David, head of the AMMBAN, Lagos state chapter.
David said that although POS agents may go below the pricing list based on their location, they are not allowed to go over the pricing list.