CBN kicks as PoS operators hike charges without approval

<p>An alleged illegal hike in service charges by Point of Sale (PoS) operators has drawn the ire of Nigerians, who are gasping for breathe, especially with the gale of new charges, taxes and soaring inflation.</p>, <p>Beyond the new charges and taxes, the peeved Nigerians who are also burdened by rising food and transportation costs, saw absolutely no need for the illegal charges hike, which has already pitched the operators against the Central Bank of Nigeria (CBN).</p>, <p>While the CBN insists that it has not sanctioned a set of increases in the service charges by PoS agents, the operators said the unfriendly business environment has necessitated an upward review of their charges.</p>, <p>The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) had announced that with effect from July 17, 2023, to withdraw N1,000-N2, 400, a charge of N100 would be paid while withdrawal of N3,500-N4,000, attracts a charge of N200; N4,100-N6,400 (N300); N6,500-N7,900 (N400); N8,000-N10,900 (N500); N11,000- N14,000 (N600); N14,500-N17,900 (N700) and N18,000-N20,000 (N800).</p>, <p>Deposits from N1,000-N4,900 attract a charge of N100; N5000-N10,900 (N200); N11,000-N20,900 (N300); N21,000-N30,900 (N400); N31,000-N40,000 (N500) and N41,000-N50,000 (N600).</p>, <p>The announcement by the PoS operators to jack up their charges jolted Nigerians, especially rural dwellers who now almost entirely depend on the services of PoS agents to make quick withdrawals or deposits.</p>, <p>Even the Concerned POS Operators in Nigeria, through their Chairman, Mr. Kayode Salako, had described the increase as outrageous and anti-people, saying the charge would compound the woes of many Nigerians.</p>, <p>He said: “While we agree that the new cashless and fuel subsidy removal policies have greatly affected businesses, we think the best thing, for now, is for the association to fight for how to make business easy for agents and the masses by fighting for some preference from the government to at least let the PoS operators have access to cash