The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Lagos State Chapter, has taken a significant step in curbing extortion by releasing a unified price list for Point of Sale (POS) operations in the state. The new price list aims to provide transparency and fairness for the general public while reflecting the current economic situation in the country. This development was unveiled during the 4th Annual AMMBAN Lagos Symposium, which focused on “the impact of cashless policy on mobile money and agency banking.”
Abiodun David, the chairman of AMMBAN Lagos State Chapter, emphasized the need to address the issue of extortion by POS agents and highlighted the importance of the unified price list in achieving this goal. While POS agents are allowed to charge below the specified prices depending on their location, they are strictly prohibited from charging above the price list.
Ogungbayi Ganiyu, the General Secretary of AMMBAN, also informed attendees that efforts are underway to communicate the changes to the Central Bank of Nigeria. This move highlights the association’s commitment to collaborating with regulatory bodies to ensure fair practices within the industry.
The new price list covers both deposits and withdrawals, with varying service charges based on the transaction amounts.
Deposit Charges
- N1,000 and N4,900 will pay a service charge of N100.
- N5,000 and N10,900 will attract a service charge of N200.
- N11,000 and N20,900 will incur a service charge of N300.
- N21,000 and N30,900 will have a service charge of N400.
- N31,000 and N40,900 will be subject to a service charge of N500.
- N41,000 and N50,000 will attract a service charge of N600
Withdrawals Charges
- N1,000 and N2,400 will now attract a service charge of N100.
- N2,500 and N4,000 will incur a service charge of N200.
- N4,100 and N6,400, customers will now be charged N300.
- N6,100 and N7,400 will now attract a service charge of N400.
- N7,500 and N10,900 will incur a service charge of N500.
- N11,000 and N14,400, a service charge of N600 will be applied.
- N14,500 to N17,900 will be subject to a service charge of N700.
- N18,000 and N20,000 will now attract a service charge of N800.
The release of the unified price list by AMMBAN Lagos Chapter demonstrates the association’s commitment to promoting transparency, fairness, and consumer protection within the mobile money and agency banking sector. By addressing the issue of extortion and ensuring that service charges align with the economic reality, this initiative aims to enhance trust and confidence among the general public.
