POS Operators Hike Charges for Cash Deposits and Withdrawals

The Lagos State chapter of the Association of Mobile Money and Bank Agents In Nigeria (AMMBAN) has increased the amount to be charged by Point of Sales (POS) operators from members of the public for cash deposits and withdrawals.

The new charges, which went into effect on Friday, June 30, 2023, are as follows:

For withdrawals, N100 for transactions between N1,000 and N2,400; N200 for transactions between N3,500 and N4,000; N300 for transactions between N4,100 and N6,400; N400 for transactions between N6,500 and N7,900; N500 for transactions between N8,000 and N10,900; N600 for transactions between N11,000 and N14,000; N700 for transactions between N14,500 and N17,900; and N800 for transactions between N18,000 and N20,000.

For deposits, N100 for transactions between N1,000 and N4,900; N200 for transactions between N5,000 and N10,900; N300 for transactions between N11,000 and N20,900; N400 for transactions between N21,000 and N30,900; N500 for transactions between N31,000 and N40,000; and N600 for transactions between N41,000 and N50,000.

The Lagos AMMBAN spokesperson, Stephen Kayode, said the increase in charges was due to the economic realities in the country. He said that the prices of paper, fuel, and maintenance costs have all gone up, and that POS operators need to be able to cover their costs.

Kayode also said that the new charges would be a unified price list, meaning that all POS operators in Lagos State will be charging the same rates. He said that this would help to prevent exploitation of customers by unscrupulous operators.

The increase in POS charges has been met with mixed reactions from customers. Some customers have expressed frustration with the higher costs, while others have said that they understand the need for the increase.

It remains to be seen how the increase in POS charges will affect the use of POS machines in Lagos State. However, it is likely that the increase will lead to some customers switching to other methods of payment, such as cash or bank transfers.

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