The Association of Mobile Money and Bank Agents In Nigeria (AMMBAN) Lagos Chapter, has released a unified price list for Point of Sales (PoS) transactions.
The chairman of the AMMBAN, Lagos state chapter, Abiodun David in an interview with Channels TV, disclosed that the new price was agreed upon by the Association in an effort to reduce extortion by POS agents on the general people and is also a reflection of the current economic climate in the nation.
With the new directive, Nigerians who want to deposit between N1,000 and N4,900 will now have to pay service charge of N100; N5,000 and N10,900 will attract a service charge of N200; N11,000 and N20,900 will attract a service charge of N300; N21,000 and N30,900 will attract service fee of N400; N31,000 and N40,900 will attract service charge of N500 and from N41,000 to N50,000 will attract a service charge of N600.
For withdrawals up to N1,000 and N2,400, Nigerians are expected to pay a service charge of N100; withdrawal from N2,500 to N4,000 will incur a service charge of N200; withdrawal from N4,100 to N6,400, will incur a service fee N300; withdrawal from N6,100 to N7,400 will now attract a service charge of N400; withdrawal from N7,500 to N10,900 will incur a service charge of N500; withdrawal from N11,000 to N14,400, will attract a service charge of N600; withdrawal from N14,500 to N17,900 will be subject to a service charge of N700 and withdrawal from N18,000 to N20,000 will now attract a service charge of N800.
The new price list was unveiled at the 4th Annual AMMBAN Lagos Symposium themed ‘the impact of cashless policy on mobile money & agency banking’.
1 Comment
Wait please. This looks like impunity to me. The CBN and issuing banks regulate the charges, don’t they? So who the heck is AMMBAN?
Na wah ọ!