The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has announced an upward review of charges for Point of Sales (POS) transactions.

Spokesperson of the Lagos Chapter of AMMBAN, Stephen Adeoye, confirmed the development on Friday.

Giving details of the unified price list for POS transactions on Channels Television, Adeoye explained that for withdrawals up to N1,000 and N2,400, Nigerians are expected to pay a service charge of N100 while from N2,500 to N4,000, it is N200.

Withdrawals from N4,100 to N6,400 will incur a service fee of N300, while N6,500 to N7,900 is N400 and N8,000 to N10,900 will pay N500.

Adeoye said withdrawals from N11,000 to N14,400 will attract a service charge of N600 while N14,500 to N17,900 will cough out N700 and N18,000 to N20,000 will now pay N800.

“But people can also step the prices down depending on their locations and circumstances but they should not go more than the agreed amounts,” he said.

For charges on deposits, Adeoye said for transactions up to N1,000 and N4,900, Nigerians are expected to pay a service charge of N100 while N5,000 to N10,900 is now N200.

According to him, deposits from N11,000 to N20,900 will incur a service fee of N300 while N21,000 to N30,900 will now attract a service charge of N400.

Furthermore, N31,000 to N40,000 will incur a service charge of N500 and from N40,100 to N50,000, it is N600 for deposit or transfer.

“Take a very good look at the prices of paper and fuel as well as the cost of maintenance, so people won’t just get to withdraw money anyhow. Look at our association; we also have anti-laundering policies, so our members do not join such people doing illegal business.

“So, we are ready to satisfy our customers so our agents really live out for the purpose of business,” Adeoye said.