A new price list for point-of-sale (PoS) transactions has been announced by the Lagos chapter of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN). The organisation claims that the uniform fee structure will stop a repeat of the overcharging of customers that took place during the cash shortage period.
The association’s spokesperson, Stephen Adeoye, stated in an interview on Channels Television on Friday that the step was implemented to prevent fraud and limit “agents who still overcharge.”
Adeoye claimed that agents in the state are now required to charge N100 for amounts between N1000 and N2,400, N200 for amounts between N3,500 and N4,000, and N300 for amounts between N4,100 and N6,400 for withdrawal.
Adeoye stated that withdrawals between N6,500 and N7,900 will be subject to an N400 cost, while transactions between N8,500 and N10,900 will be subject to a N500 fee.
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Other amounts include N600 for withdrawals between N11,001 and N14,999, N700 between N14,500 and N17,900, and N800 between N18,001 and N200,000.
Adeoye noted that agents can now charge N100 for deposits and transfers between N1,000 and N4,900, N200 between N5,001 and N10,001, N300 between N11,001 and N20,001, N400 between N2,001 and N30,001, N500 between N3,001 and N40,000, and N600 between N41,100 and N50,000.
He said: “Some still overcharge customers and we don’t want that. All of us want things to be easier for our customers and the country as a whole.”
“That’s why we have brought out this list. Depending on your area, you can decide to lower it for your customers but it shouldn’t be more than the fees in the list.
“We expect agents to paste the fee structure in their locations. To enforce this is easier because we have a good relationship with the Lagos police command and very soon a task force will be set up to work along with the force.”
