POS Operators Ignore CBN, Begin Implementation of New Deposit, Withdrawal Charges

Starting Monday, July 17, 2023, the Point of Sale (POS) operators, under the aegis of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) will begin the implementation of new withdrawal and deposit charges.

The National Publicity Secretary of the association, Elegbede Segun disclosed this while speaking to journalists over the weekend.

According to Segun, the association is well-prepared to commence the implementation despite criticism from Nigerians, Punch reports.

He also described the threats of sanctions by the Federal Competition and Consumer Protection Commission and the Central Bank of Nigeria as newspaper reports.

His words: “We are ready to implement. The reactions you have seen are just on the pages of newspapers, as far as the Central Bank of Nigeria and FCCPC is concerned. “PoS operators are allowed to charge lower than the agree fees but not higher”

GWG.ng reports that the move by the association of POS operators to implement new charges comes after members of the trade group were almost run out of business early in the year when the Central Bank of Nigeria commenced the implementation of the Naira redesign policy which appeared to run many of the businesses out of operation.

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