Lagos State’s Point of Sale (PoS) agents are preparing to introduce a revised pricing structure that includes charging customers a fee for cash withdrawals. The Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter, announced the updated price list during an interview on Channels Television’s Business Morning program. Stephen Adeoye, the Public Relations Officer of the Lagos Chapter, explained that the aim of the new pricing is to eliminate price discrepancies within the industry.
According to the new price list, the fees for cash withdrawals will vary as follows: N100 for withdrawals ranging from N1,000 to N2,400; N200 for withdrawals between N3,500 and N4,000; N300 for withdrawals between N4,100 and N6,400; N400 for withdrawals between N6,500 and N7,900; N500 for withdrawals between N8,500 and N10,900; N600 for withdrawals between N11,000 and N14,000; N700 for withdrawals between N14,500 and N17,900; and N800 for withdrawals between N18,000 and N20,000.
Adeoye stressed that fees may be adjusted based on location and circumstances but should not exceed the specified amounts. The objective of the price list is to curb the practice of agents who overcharge their customers. Adeoye also mentioned that the Chairman of the Lagos chapter, David Abiodun, recently shared the price list with executives during a symposium, and agents are expected to prominently display it at their locations for customers to see.
In addition to cash withdrawals, the revised price list also includes charges for deposits and transfers. The fees for these transactions are as follows: N100 for amounts ranging from N1,000 to N4,900; N200 for amounts between N5,000 and N10,900; N300 for amounts between N11,000 and N20,900; N400 for amounts between N21,000 and N30,900; N500 for amounts between N31,000 and N40,000; and N600 for amounts between N41,100 and N50,000.
To enforce the new price list, the association intends to leverage its relationship with the police and establish a task force in each operational zone. Adeoye expressed confidence in the enforcement process, citing the association’s collaboration with the Lagos State Command, Police Force, and local Divisional Police Officers. He also highlighted the association’s registration system, good rapport with the Central Bank of Nigeria (CBN), and involvement in financial inclusion initiatives.
This recent development follows the Central Bank of Nigeria’s previous release of emergency telephone numbers for reporting PoS agents who charge fees higher than N200 for withdrawals up to N10,000.
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