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The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has announced a new unified price list for Point of Sale (POS) operations in Lagos State.
The new charges, which were unveiled at the 4th Annual AMMBAN Lagos Symposium, aim to curb extortion by POS agents and reflect the current economic situation in the country.
While POS agents are allowed to charge below the price list depending on their area, they are not permitted to charge above it.
The General Secretary of AMMBAN also stated that efforts are being made to communicate the changes to the Central Bank of Nigeria.
The implementation of the CBN’s naira redesign policy has caused a disruption in the operation of POS agents, with some still charging higher than the previous rates.
Check out the full list of new charges below:
List of new POS charges
Deposit
N1,000 and N4,900 will pay a service charge of N100.
N5,000 and N10,900 will attract a service charge of N200.
N11,000 and N20,900 will incur a service charge of N300.
N21,000 and N30,900 will have a service charge of N400.
N31,000 and N40,900 will be subject to a service charge of N500.
N41,000 and N50,000 will attract a service charge of N600.
Withdrawals
N1,000 and N2,400 will now attract a service charge of N100.
N2,500 and N4,000 will incur a service charge of N200.
N4,100 and N6,400, customers will now be charged N300.
N6,100 and N7,400 will now attract a service charge of N400.
N7,500 and N10,900 will incur a service charge of N500.
N11,000 and N14,400, a service charge of N600 will be applied.
N14,500 to N17,900 will be subject to a service charge of N700.
 N18,000 and N20,000 will now attract a service charge of N800.
