Business

PoS Agents in Lagos to Start charging N500 for N10,000 cash withdrawal

Published

3 years ago

June 30, 2023

545 Views

PoS Customers in Lagos State withdrawing the sum of N10.000 will soon begin to pay N500 as charges.

This comes after the Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter, announced a new price list for PoS transactions on Channels Television’s Business Morning programme by the Public Relations Officer, Lagos Chapter, Stephen Adeoye, on Friday.

According to him, the association’s price list is to eradicate price discrepancies in the industry.

He said, “Let me tell you the price list, N1000–N2,400 will be N100 for withdrawal. N3500 to N4000 will be N200; N4,100 to N6,400 will be N300; N6,500 to N7,900 will be N400; N8500 to N10,900 will be N500; N11,000 to N14,000 will be N600; N14,500 to N17,900 will be N700; N18,000 to N2000 will N800 for withdrawal.

“Like we said, depending on your location, you can also step it down for people depending on the circumstances. But it should not go more than this.”

He further stated that for deposits and transfers, agents can now charge N100 for N1,000 to N4,900; N200 for N5000 to N10,900; N300 for N11,000 to N20,900; N400 got N21,000 to N30,900; N500 for N31,000 to N40,000; and N600 for N41,100 to N50,000.

Adeoye said the chairman of the Lagos chapter of the association, David Abiodun, recently released the new price list to excos at a symposium. He noted that the purpose of the list was to curb the activities of agents that were still overcharging their customers.

He said, “Although, we agreed that depending on one’s area, they can lower the charges. But it should exceed these new prices. This is why we expect everyone to paste it in their locations so that customers can see it.”

Commenting on how the association intends to enforce its price list, the PRO states that it will leverage its relationship with the police and a task force in their area of operations.

Adeoye explained, “To enforce this new price list is easy because we have a good relationship with the Lagos State Command, Police Force, and all the DPOs in the area. Very soon a task force will be set up in each zone so that they will work along with it.

Related Topics:Cash Withdrawal Customers Featured PoS Agents

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NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

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The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

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According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

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Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment

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July 30, 2026

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The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

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Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

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