POS Operators Deny Service Charge Hike, Outline Adjustment Strategies to New Withdrawal Limits
Amidst concerns surrounding the Central Bank of Nigeria’s (CBN) revised cash withdrawal limits, Point of Sale (POS) operators, represented by the Association of Mobile Money and Bank Agents (AMMBAN), have refuted rumours of an impending increase in service charges for customers. This assurance comes as Nigerians navigate the implications of the CBN’s policy aimed at promoting a cashless economy.
Adapting to the New Withdrawal Policy
Victor Olojo, the president of AMMBAN, clarified that there are no current plans to raise service fees despite the CBN’s revised policy on cash withdrawals from ATMs, POS terminals, and over-the-counter transactions. The CBN initially set weekly withdrawal limits at ₦100,000 for individuals and ₦500,000 for corporate bodies, a directive that took effect on January 9, 2023. Following public outcry, these limits were adjusted upwards to ₦500,000 for individuals. Olojo further elaborated that AMMBAN is actively encouraging its members to register their POS businesses formally. This registration would allow them to access higher withdrawal limits, enabling them to better serve their customers within the framework of the new CBN regulations. This move underscores the association’s commitment to ensuring the continued accessibility of financial services, particularly in regions where POS agents serve as crucial access points for cash transactions.
In conclusion, POS users can be reassured that service charges are not expected to increase. AMMBAN’s focus on business registration for its members is a strategic response to the CBN’s policy, designed to minimize disruption and maintain service levels for Nigerians relying on POS transactions. This proactive approach reflects the adaptability of the mobile money agent network within Nigeria’s evolving financial landscape.
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