Lagos POS employees would charge N500 for each N10,000 in cash withdrawals

POS (Last Updated On: July 4, 2023)


In response to a question about how the organization plans to enforce its pricing list, the PRO says it would make use of its contacts with local law enforcement and a task force.

According to The PUNCH, Lagos State point-of-sale agents will be raising their fees.

Customers would soon have to pay N500 to the agents for cash withdrawals of N10,000.

This comes after the Public Relations Officer, Lagos Chapter, Stephen Adeoye, on Friday unveiled a revised price list for PoS transactions on Channels Television’s Business Morning show on behalf of the Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter.

He claims that the purpose of the association’s price list is to end price disparities in the sector.

Let me give you the price list, N100 will be charged for withdrawals between N1000 and N2,400, he said. For withdrawals, the range from N3500 to N4000 is N200, N4100 to N6,400 is N300, N6,500 to N7,900 is N400, N8500 to N10900 is N500, N11,000 to N14,000 is N600, N14,500 to N17900 is N700, and N18,000 to N2000 is N800.

“Like we stated, you can step it down for people depending on the situation and where you are. However, it should not continue past this.

He added that agents can now charge N100 for deposits and transfers between N1,000 and N4,900, N200 between N5,001 and N10,900, N300 between N11,001 and N20,900, N400 between N22,001 and N30,900, N500 between N3,001 and N40,000, and N600 between N41,100 and N50,000.

Adeoye claimed that David Abiodun, the association’s chairman for the Lagos chapter, recently gave excos access to the new price list at a symposium. He stated that the list was intended to rein down the actions of agents who were still overcharging their clients.

Adeoye explained, “To enforce this new price list is easy because we have a good relationship with the Lagos State Command, Police Force, and all the DPOs in the area. Very soon a task force will be set up in each zone so that they will work along with it.

“Today, someone can get a PoS and start working, but we would soon get to everyone. Registered members have a number and certificate, and we have a good collaboration with the CBN both in Lagos and in Abuja. AMMBAN is part of meetings around financial inclusion.

“So, enforcing this will be easy for us. We have zones in almost all the local governments. So, our task force in each zone will locate those who are there. We also have our website, and everyone has to register.”

Author: Pate Anah

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