"We're Ready": POS Operators Ignore CBN, Begin Implementation of New Deposit, Withdrawal Charges

POS operators will be going ahead with plans to implement new withdrawal and deposit charges from today It is expected that the new charges will kick off in Lagos while other states will join in the coming days. The implementation comes despite threats of sanctions from the Federal Competition and Consumer Protection Commission and the Central Bank of Nigeria's promises.

Starting today, Monday, July 17, 2023, the Point of Sale (POS) operators Point of Sales (POS) operators, under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) will begin the implementation of new withdrawal and deposit charges.

The National Publicity Secretary of the association, Elegbede Segun disclosed this while speaking to journalists over the weekend.

AMMBAN defends new PoS charges

According to Segun, the association is well-prepared to commence the implementation despite criticism from Nigerians, Punch reports.

He also described the threats of sanctions by the Federal Competition and Consumer Protection Commission and the Central Bank of Nigeria as newspaper reports.

His words:

"We are ready to implement. The reactions you have seen are just on the pages of newspapers, as far as the Central Bank of Nigeria and FCCPC is concerned.

"PoS operators are allowed to charge lower than the agree fees but not higher"

List of new charges

The Lagos State chapter announced increased charges for deposit and withdrawal.

AMMBAN categorized the price into deposit and withdrawal.

Deposit

• 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

• 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.

CBN issues 4 new directives to Access, Zenith, GTB on domiciliary bank accounts

Meanwhile, in another report, the CBN has released six new directives on how domiciliary bank accounts should operate in the country

The move is aimed at promoting transparency, discouraging speculation, and ensuring overall stability in the forex market

Access, Zenith, and Guaranty Trust among several other commercial banks are expected to make the necessary adjustments.