POS Agents in Lagos Increase Charges for Deposit and Withdrawal

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POS Agents in Lagos Increase Charges for Deposit and Withdrawal

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Lagos State Chapter has released a unified price list (charges) for Point of Sales (POS) operations in the State. The price list was unveiled at the 4th Annual AMMBAN Lagos Symposium themed “the impact of cashless policy on mobile money & agency banking Abiodun David, the chairman of AMMBAN Lagos State Chapter, said the new price list is aimed at curbing extortion by POS agents in Lagos on the general public and is also a reflection of the present economic situation in the country.

He further explained that while POS agents are permitted to go below the price list depending on their area, they are not allowed to go above the price list, as reported by CEM. Furthermore, at the meeting, Ogungbayi Ganiyu, the General Secretary of AMMBAN, stated that efforts are being made to communicate the changes to the Central Bank of Nigeria. AMMBAN categorized the price into deposit and withdrawal.

New service charge on Deposit:

  • 1,000 and 4,900 naira deposit will attract a service charge of 100 naira from henceforth
  • 5,000 and 10,900 naira will attract a service charge of 200 naira
  • 11,000 and 20,900 naira will incur a service charge of 300 naira
  • 21,000 and 30,900 naira will have a service charge of 400 naira
  • 31,000 and 40,900 naira deposit will be subject to a service charge of 500 naira
  • 41,000 and 50,000 naira deposit will attract a service charge of 600 naira

New Service Charge on Withdrawal:

  • For withdrawals up to 1,000 and 2,400 naira, you are expected to pay a service charge of 100 naira
  • Withdrawal from 2,500 to 4,000 naira will incur a service charge of 200 naira
  • Withdrawal from 4,100 to 6,400 naira will incur a service fee 300 naira
  • Withdrawal from 6,100 to 7,400 naira will now attract a service charge of 400 naira
  • Withdrawal from 7,500 to 10,900 naira will incur a service charge of 500 naira
  • Withdrawal from 11,000 to N14,400 naira will attract a service charge of 600 naira
  • Withdrawal from 14,500 to 17,900 naira will be subject to a service charge of 700 naira
    • Withdrawal from 18,000 to 20,000 naira will now attract a service charge of 800 naira

Frequently Asked Questions (FAQ)

Which agent is best for POS?

The best 5 POS agent banking platforms in Nigeria are Moniepoint, Ecobank Xpress Point, Opay, Page, PalmPay, and Firstmonie.

Can I start a POS business with 20,000 naira?

In Nigeria, POS is a profitable and easy business to start. It is one of the most legitimate way to make more money monthly with a capital of 50,000 naira depending on different factors. You cannot start a POS business in Nigeria with 20,000 naira.

How much can I make on POS per day?

POS Operators make money by collecting a commission for services offered to customers. This is an average of 100 to 500 naira per transaction depending on the amount of money involved and the type of transaction. POS business depending on number of transactions and location can generate 13,000 naira to 15,000 naira revenue or extra monthly.

Which POS has the cheapest charges in Nigeria?

The cheapest POS charges in Nigeria are: Moniepoint, OPay and Bankly with charges of around 0.5% of the transaction amount for withdrawals below 20,000 naira.