DESPITE scathing criticisms and threats of sanctions by the Federal Competition and Consumer Protection Commission and the Central Bank’s promise to intervene, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has vowed to go ahead with plans to increase the service charges.
According to AMMBAN, the current economic realities have not prompted Point-of-Sale operators to reconsider their plans to implement the new framework starting tomorrow.
This was as it indicated plans to extend the implementation of the new price range to the Federal Capital Territory and other states.
It will be recalled that on 30th June, the Public Relations Officer (PRO), AMMBAN, Lagos chapter, Stephen Adeoye, in an interview, said the association had come up with a new price list for PoS agents operating in the state.
Justifying the increase in prices, he said PoS agents were adjusting their prices to reflect the country’s current economic realities.
The increase had elicited criticism from Nigerians, including threats of sanctions by the Federal Competition and Consumer Protection Commission and the Central Bank’s promise to intervene. But speaking in an interview, the National Publicity Secretary of the association, Elegbede Segun, said the threats of sanctions were only on the pages of newspapers, adding that the association was well prepared to commence implementation.
“The reactions you have seen are just on the pages of newspapers, as far as the Central Bank and FCCPC is concerned,” Elegbede said on Friday.
With the new directive, for withdrawals up to N1,000 and N2,400, Nigerians are expected to pay a service charge of N100; withdrawals from N2,500 to N4,000 will incur a service charge of N200; withdrawals from N4,100 to N6,400 will incur a service fee N300; withdrawal from N6,100 to N7,400 will now attract a service charge of N400; withdrawal from N7,500 to N10,900 will incur a service charge of N500; withdrawal from N11,000 to N14,400 will attract a service charge of N600; withdrawal from N14,500 to N17,900 will be subject to a service charge of N700 and withdrawal from N18,000 to N20,000 will now attract a service charge of N800.
Also, Nigerians who want to deposit the sum of N1,000 and N4,900 will now have to pay service charge of N100; N5,000 and N10,900 will attract a service charge of N200; N11,000 and N20,900 will attract a service charge of N300; N21,000 and N30,900 will attract service fee of N400; N31,000 and N40,900 will attract service charge of N500 and from N41,000 to N50,000 will attract a service charge of N600.
The new price list was unveiled at the 4th Annual AMMBAN Lagos Symposium themed “the impact of cashless policy on mobile money & agency banking.”
Eighteen-Eleven Media