To withdraw N10,000 in cash from a PoS machine in Lagos will cost you N500.

In the near future, Point of Sale agents in the state of Lagos will begin charging consumers N500 in order to withdraw N10,000 in cash.

This comes as a result of an announcement made on Friday by the Public Relations Officer for the Lagos Chapter of the Association of Mobile Money and Bank Agents in Nigeria, Stephen Adeoye, regarding a new price list for point-of-sale (PoS) transactions. This announcement was made on Channels Television’s Business Morning show.

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According to him, the purpose of the pricing list that the association publishes is to eliminate price disparities in the business.

He told them, “Let me tell you the price list, N1000–N2,400 will be N100 for withdrawal. ” The withdrawal fee will be N200 for amounts between N3500 and N4000, N300 for amounts between N4,100 and N6,400, N400 for amounts between N6,500 and N7,900, N500 for amounts between N8500 and N10,900, N600 for amounts between N11,000 and 14,000, N700 for amounts between N14,500 and N17,900, and N800 for amounts between N18,000 and N2000.

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“As we’ve mentioned before, you may be able to ease it up on individuals based on the circumstances and where you are, depending on where you are. However, it should not progress any further than this.”

He went on to say that agents can now charge a fee of N100 for amounts ranging from N1,000 to N4,900 for deposits and transfers; N200 for amounts ranging from N5,000 to N10,900; N300 for amounts ranging from N11,000 to N20,900; N400 for amounts ranging from N21,000 to N30,900; N500 for amounts ranging from N31,000 to 40,000; and N600 for amounts ranging from N41,100 to 50,000.

Adeoye stated that the revised price list was just made available to excos at a symposium, and that it was released by David Abiodun, chairman of the Lagos branch of the association. He explained that the list had been compiled with the intention of putting a stop to the practices of salespeople who were still overcharging their clients.

He stated, “Although, we did agree that depending on one’s location, they may be able to lessen the charges. However, it ought to be higher than these current pricing. Because of this, we anticipate that everyone will stick it somewhere visible in their establishments so that customers may see it.

As a comment on how the association plans to implement its price list, the PRO states that it will leverage its ties with the police and a task force in their area of operations. This is how the association plans to enforce its price list.

Adeoye elucidated the situation as follows: “To enforce this new price list is easy because we have a good relationship with the Lagos State Command, Police Force, and all of the DPOs in the area.” Each zone is going to immediately establish a task force so that they may collaborate with it. This will happen very soon.

“In today’s society, it is possible for anyone to obtain a PoS and begin working, but we would quickly catch up to everyone. Members who have completed the registration process are issued a number and a certificate, and we have a productive working relationship with the CBN in both Lagos and Abuja. AMMBAN is participating in meetings centered on the topic of financial inclusion.

“Consequently, we won’t have any trouble enforcing this policy. Nearly all of the local governments that we work with use zones. Consequently, our task force will seek such individuals in each zone where they are operating. Additionally, we have a website, for which users are required to register.”

Victor Olojo, the National President of AMMBAN, stated to The PUNCH in January that the organization did not intend to raise the prices that it charges for its services and did not currently have any such intentions. In February, the Central Bank of Nigeria disseminated emergency telephone numbers that citizens of Nigeria could call in order to lodge complaints about point-of-sale (PoS) agents who charged more than N200 for withdrawals of amounts up to N10,000.