Association of Mobile Money and Bank Agents in Lagos Announces New Price List for PoS Transactions

In a move aimed at curbing price discrepancies and promoting transparency, the Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter, has unveiled a new price list for Point of Sale (PoS) transactions, Investors Kings reports.

The announcement was made by the association’s Public Relations Officer, Stephen Adeoye, during an interview on Channels Television’s Business Morning program.

The price list introduces standardized charges for various transaction amounts, ensuring that customers are not subjected to exorbitant fees. Adeoye stated, “Let me tell you the price list, N1000 – N2,400 will be N100 for withdrawal. N3500 to N4000 will be N200; N4,100 to N6,400 will be N300; N6,500 to N7,900 will be N400; N8500 to N10,900 will be N500; N11,000 to N14,000 will be N600; N14,500 to N17,900 will be N700; N18,000 to N20,000 will be N800 for withdrawal.”

The association aims to eradicate the practice of agents overcharging customers, which has been a persistent issue in the industry. According to Adeoye, the new price list will serve as a tool to curb such activities. “Depending on your location, you can also step it down for people depending on the circumstances. But it should not go more than this,” he added.

The price list covers not only cash withdrawals but also deposits and transfers. Agents can now charge N100 for N1,000 to N4,900; N200 for N5,000 to N10,900; N300 for N11,000 to N20,900; N400 for N21,000 to N30,900; N500 for N31,000 to N40,000; and N600 for N41,100 to N50,000.

David Abiodun, the chairman of the Lagos chapter of the association, recently released the new price list during a symposium for executive committee members. The primary objective behind the list is to ensure that agents adhere to the specified charges and prevent customers from being overcharged.

To enforce the implementation of the new price list, the association plans to leverage its strong relationship with the Lagos State Command and the Police Force, as well as establish a dedicated task force in each zone. Adeoye explained, “Today, someone can get a PoS and start working, but we would soon get to everyone. Registered members have a number and certificate, and we have a good collaboration with the CBN both in Lagos and in Abuja.”

The association emphasized the importance of customer awareness and announced plans to distribute the price list across various locations. Customers are encouraged to be vigilant and report any agents who charge above the specified fees.

The move comes after the Central Bank of Nigeria previously released emergency telephone numbers for Nigerians to report PoS agents charging excessive fees for withdrawals up to N10,000. The association’s initiative aligns with the broader goal of ensuring fair and transparent financial services across the country.

As the Association of Mobile Money and Bank Agents in Lagos takes decisive action to standardize charges, customers can expect greater clarity and fairness when conducting PoS transactions.