Withdrawal policy pushes up PoS transaction charges

Point of Sale (PoS) operators in Abuja have increased their charges by 300 per cent. They now charge N300 for every N10,000 withdrawn or transferred to another account.

An agent told The Nation that “we charged N100 for every N10,000 transaction before, but it is now N300 for every N10,000.”

The agent who simply identified herself as Edith said the charges were increased after banks effected three per cent charge on withdrawals of over N500,000.

We had to increase our prices after the three per cent charges on our withdrawal today, three per cent. I feel this is day light robbery,” she said.

Another reason for the hike in charges, she explained, is that “some of the banks use savings instead of current accounts when issuing the PoS terminal because of the heavy charges involved. This development has forced us to choose between the devil and the deep blue sea.”


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