PoS operators rule out service charge hike

The Association of Mobile Money and Bank Agents in Nigeria has said there are no plans to increase service their charges following the Central Bank of Nigeria’s decision to review cash withdrawal limits for Automated Teller Machines and over-the-counter withdrawals.

This was disclosed by the National President, AMMBAN, Victor Olojo, in an exclusive chat with The PUNCH on Sunday.

There had been insinuations that the new CBN withdrawal policy would lead to an increase in fees charged by the PoS agents.

The new CBN cash limits policy, among other things, attract processing fees of five per cent and 10 per cent respectively, for individuals and corporate entities, effective January 9, 2023.

But reacting, Olojo explained the CBN was aware of the implications and works currently in the pipeline on possible solutions.

He stated that despite an increase in the cost of production caused by the withdrawal limit, bank agents had resolved to register their businesses as corporate entities rather than increase service fees.

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