The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Lagos state chapter, have announced an increase in charges for cash deposit and withdrawal.

According to reports gathered by the leadership news, Nigerians who want to deposit the sum of N1,000 and N4,900 at POS points will now have to pay service charge of N100; N5,000 and N10,900 will attract a service charge of N200; N11,000 and N20,900 will attract a service charge of N300; N21,000 and N30,900 will attract service fee of N400; N31,000 and N40,900 will attract service charge of N500 and from N41,000 to N50,000 will attract a service charge of N600 with the new directive.

For withdrawals up to N1,000 and N2,400, Nigerians are expected to pay a service charge of N100; withdrawal from N2,500 to N4,000 will incur a service charge of N200; withdrawal from N4,100 to N6,400, will incur a service fee N300; withdrawal from N6,100 to N7,400 will now attract a service charge of N400; withdrawal from N7,500 to N10,900 will incur a service charge of N500; withdrawal from N11,000 to N14,400, will attract a service charge of N600; withdrawal from N14,500 to N17,900 will be subject to a service charge of N700 and withdrawal from N18,000 to N20,000 will now attract a service charge of N800.

The new price list was unveiled at the 4th Annual AMMBAN Lagos Symposium themed “the impact of cashless policy on mobile money & agency banking.

The chairman of the AMMBAN, Lagos state chapter, Abiodun David disclosed that the new price was agreed upon by the Association in an effort to reduce extortion by POS agents on the general people and is also a reflection of the current economic climate in the nation.

While POS agents may go lower the price list depending on their region, David clarified that they are not permitted to go above the pricing list.