PoS operators begin new service charge implementation on Monday

The Association of Mobile Money and Bank Agents in Nigeria said there is no going back on implementing its new service charges framework on Monday, July 17.

Elegbede Segun, the National Publicity Secretary of AMMBAN, disclosed this on Saturday in an exclusive interview with DAILY POST.

Recall that on June 30, the Association’s Lagos Chapter announced a new increment price list for PoS charges per transaction.

However, in a statement, the Federal Competition and Consumer Protection Commission (Commission) condemned the move and vowed to investigate.

Elegbede insisted on the implementation of the new prices for PoS services.

He said since 2018, PoS operators had kept their charges the same despite nationwide changes in the prices of goods and services.

He explained that without the implementation of service charges increment, many PoS operators would collapse.

“Between 2018 and now, we have never changed our service charges. With the cost of fuel, pos paper roll, and rents, you will understand where we are coming from. It has gotten to the point that our profit has been eroded to the extent that our members are closing business.

“I receive calls daily from our members who are quitting businesses. That will happen if we continue doing business at unprofitable charges because you will eat your capital. Without increment, more businesses will collapse.

“I boldly say that there is no support the CBN is giving to business today, so we have to make way to bear the cost and remain in business. It is not because we just want to add to the problem of Nigerians, but, no, it is just what it is to stay in business”, he stated.