The recent commencement of increased service charges has led to a division among Point of Sale (PoS) operators in Nigeria.
In June, the Association of Mobile Money and Bank Agents in Nigeria announced the introduction of new service charges, citing the need for PoS operators to sustain their businesses.
Under the new framework, customers depositing amounts ranging from N1,000 to N50,000 would be subject to varying service charges. Similarly, withdrawal amounts from N1,000 to N20,000 would incur service charges according to specific tiers.
However, a group of operators known as Concerned POS Operators in Nigeria strongly criticized the fee hike, considering it excessive and detrimental to the general public.
Speaking on behalf of the group, Chairman Kayode Salako expressed concern that the increased charges would exacerbate the hardships already faced by many Nigerians due to the removal of subsidies and other unfavorable policies.
Salako urged the Association of Mobile Money and Bank Agents in Nigeria to reconsider the price adjustments, proposing an alternative service charge structure that would be more reasonable for customers.
The group also called on the Central Bank of Nigeria to review its cashless policy and increase the withdrawal limits for PoS operators and mobile money agents through various channels, including ATM counters.
In summary, the introduction of higher service charges has sparked a divide among PoS operators, with one faction opposing the increases and suggesting alternative pricing models to alleviate the burden on customers.