Point of Sales (PoS) operators have recently come under scrutiny for their decision to raise charges per transaction. In a recent interview on Channels Television, Stephen Adeoye, the Public Relations Officer of the Association of Mobile Money and Banks Agents in Nigeria (AMMBAN), Lagos chapter, shed light on the justification behind this move.

The price increase and unification of charges announced by the operators have generated mixed reactions from the public. Under the new system, a service charge of N100 is now applied to deposits ranging from N1,000 to N4,900, as well as withdrawals of N1,000 to N2,400, which used to incur a service charge of N100 for amounts between N1,000 and N5,000.

Adeoye clarified that the decision to raise charges was necessitated by increased data costs, fuel prices, and maintenance expenses. He emphasized that the charges might be adjusted based on the location and circumstances of the customers, taking into consideration the association’s anti-money laundering policy.

Speaking further, Adeoye expressed the association’s commitment to ensuring a fair and transparent financial market. He stated, “We also want to avoid those causing the problem – look at the cost of data, fuel, and maintenance. Our association is ready to sanitize the market and fulfill its purpose.”

Interestingly, while the charges for withdrawal and deposit have increased in other parts of the country, they have remained unchanged in Abuja. In the capital city, a service charge of N100 still applies to both withdrawals and deposits ranging from N1,000 to N5,000.

It is worth noting that the recent removal of fuel subsidy by the federal government has triggered an upward review of prices for various goods and services across the country. This, in turn, has had a significant impact on the operations of PoS operators, leading to the decision to increase charges.