Point of Sale Operators Protest, In a recent development, a group of Point of Sale (PoS) operators in Nigeria has staged protests against the recently implemented service charge hikes in the country. The Association of Mobile Money and Bank Agents in Nigeria had earlier announced these new charges for operators in June, citing the need for their survival.
Under the new framework, Nigerians making deposits ranging from N1,000 to N4,900 are now required to pay a service charge of N100. Similarly, deposits ranging from N5,000 to N10,900 attract a service charge of N200, while deposits from N11,000 to N20,900 incur a charge of N300. The charges escalate progressively, with amounts from N21,000 to N50,000 incurring service charges ranging from N400 to N600.
Point of Sale Operators Protest says For withdrawals, Nigerians making transactions ranging from N1,000 to N2,400 are now required to pay a service charge of N100. Withdrawals from N2,500 to N4,000 attract a charge of N200, while withdrawals from N4,100 to N20,000 are subject to varying service charges ranging from N300 to N800.
However, the concerned operators, organized under the umbrella of Concerned POS Operators in Nigeria, have vehemently criticized these increases as exorbitant and detrimental to the general populace. Chairman Kayode Salako expressed concern that the heightened charges would exacerbate the difficulties faced by many Nigerians due to the removal of subsidies and other unfavorable policies.
Salako emphasized that the group advocates for fair practices by financial service providers and POS operators, aiming to improve the conditions of its members. He called for AMMBAN to reconsider its new price list and suggested an alternative service charge proposal, wherein deposits and withdrawals within certain ranges would incur significantly lower fees. This proposal has been widely adopted by the group’s members nationwide.
Furthermore, Salako urged the Central Bank of Nigeria to review its cashless policy and raise the withdrawal limits for POS operators and mobile money agents across various channels, including ATMs. The group believes that these measures would alleviate the financial burden on operators and provide relief to the Nigerian public during these challenging times.
As tensions continue to rise between the operators and the association, many Nigerians eagerly await a resolution that balances the survival of POS operators with the affordability of financial services for the general population.
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