N500 per N10k: Lagos POS Operators Implement New Price List for Transactions

The Lagos chapter of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has introduced a new price list for Point of Sale (PoS) transactions in a bid to tackle fraud and address concerns of overcharging.

According to Stephen Adeoye, the spokesperson of the association, the move aims to ensure fair and regulated fees for customers and prevent a recurrence of the past cash scarcity period where agents took advantage of the situation.

In an interview on Channels Television, Adeoye emphasized the importance of a uniform fee structure to prevent agents from overcharging customers without any regulation. This new measure seeks to establish transparency and restore trust in the mobile money and banking sector.

To address withdrawal transactions, the revised fee structure mandates agents in Lagos to charge customers N100 for amounts ranging from N1,000 to N2,400. For transactions between N3,500 and N4,000, the fee will be N200, while N300 will be charged for amounts between N4,100 and N6,400.

Withdrawals ranging from N6,500 to N10,900 will incur a fee of N400, and transactions between N8,500 and N10,900 will be charged N500. Additionally, N600 will be charged for withdrawals between N11,000 and N14,000, N700 for amounts between N14,500 and N17,900, and N800 for withdrawals ranging from N18,000 to N20,000.

Adeoye highlighted the need for agents to display the fee structure prominently in their locations to ensure transparency and provide customers with clear information. While agents can lower the fees based on their discretion, they must not exceed the maximum charges specified in the list.

“We want to ensure a seamless and fair experience for our customers. By setting the fee structure, we aim to prevent overcharging and create a level playing field in the industry,” Adeoye stated. He also mentioned that the association plans to collaborate with the Lagos police command to establish a task force, which will assist in enforcing the fee structure effectively.

In addition to withdrawal charges, the new fee structure covers deposits and transfers. Customers can expect to pay N100 for deposits and transfers between N1,000 and N4,900, while amounts between N5,000 and N10,900 will incur a fee of N200. For transactions ranging from N11,000 to N20,900, a fee of N300 will be charged, and N400 will be applicable for amounts between N21,000 and N30,900. Similarly, N500 will be charged for transfers between N31,000 and N40,000, and N600 for amounts ranging from N41,100 to N50,000.

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