Business

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

Published

3 years ago

June 30, 2023

618 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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Emir Sanusi mobilises Kano People “Buy Dangote Refinery’s Shares Now”

“I speak as the Emir of Kano; I would like my people to be owners of this company . I do not want us to be left behind in the capital markets. I do not want us to be left behind in financial inclusion. So this is the time and this is the opportunity,” said Sanusi.

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2 hours ago

September 17, 2026

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The Emir of Kano, Muhammadu Sanusi II, has praised Kano-born businessman Aliko Dangote and encouraged residents to secure a stake in the Dangote Refinery and Petrochemical Plc before the public offering closes.

The royal father made the call on Thursday during the Dangote Refinery IPO investor roadshow in Kano, urging residents to invest only disposable income they can afford to lock away for the long term.

His words, “Do not take your children’s school fees and put in shares. Do not sell the house that you live in and put in shares.

“Buy what you can afford, 10,000, 20,000, 30,000 – what you can afford to set aside for some time, set it aside.

And if you look at the fundamentals of the economy, over time you can be assured that this investment will grow, and you will not regret it.

He also advised prospective investors to choose a long-term approach rather than buying shares in anticipation of quick profits.

“And I’m not talking about someone who will buy 5,000 shares and want to sell tomorrow and believe he will get 10,000. No, I’m talking about you have some money, put it in, leave it there for some time, and just watch your money grow.

Forget about it for some time. You’ll be surprised in five years the 10,000 Naira you invest today, what it will be,” Sanusi said.

Business

Nigerians Speak As Petrol sells N1,500/litre

A visit to filling stations showed that motorists were purchasing the commodity for between N1,450 and N1,500 per litre, against the former price of N1,350.

Published

11 hours ago

September 17, 2026

OCHEFA

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NIGERIANS across the 36 states and the Federal Capital Territory – Abuja, are complaining bitterly as the pump prices of Premium Motor Spirit, popularly known as petrol, is selling for as much as N1,500 per litre nationwide .

According to the Prices across states tracked by the PUNCH, the cost of the commodity has continued to rise nationwide, selling for as high as N1,500 in many states.

In Yobe State, residents reported that petrol was selling for between N1,500 and N1,520 per litre at some filling stations in Damaturu, the state capital.

Similarly, a tricycle rider in the state capital, Musa Ibrahim, said he buys the commodity for about N1,500 per litre at some Nigerian National Petroleum Company filling stations.

Also speaking, a civil servant, Lawan Garba, said some filling stations were selling petrol at an even higher price.

“I am buying petrol at N1,520 per litre in some petrol stations,” Garba said.

In Kano State, petrol was selling for between N1,460 and N1,500 per litre at most filling stations in the metropolis. The increase has forced some vehicle owners to park their vehicles, while commercial tricycle operators, popularly known as “yan’ adaidaita sahu”, have also increased their fares by about 50 per cent, depending on the distance.

The operators who used to charge N200 for a short distance now collect N300, while they charge between N500 and N700 for longer distances.In Sokoto State, petrol prices rose to between N1,465 and N1,500 per litre in the metropolis.

Checks by our correspondent showed that the product had risen from the previous price of N1,365 per litre.

At some filling stations, including AA Rano, Shafa and Total, petrol was sold for N1,465 per litre, while major marketers sold it for between N1,470 and N1,500 per litre.

In Borno State, a litre of petrol was selling for N1,500 at filling stations in Maiduguri, the state capital.

A motorist, Ishaku Curutsi, confirmed to our correspondent that he bought petrol from Matrix filling station for N1,500 per litre on Wednesday. “I bought it this morning, and a litre at Matrix cost 1,500,” he said.

In Taraba State, the price of petrol had risen to N1,500 per litre, with motorists and commuters reporting prices of between N1,500 and N1,700 per litre at some filling stations.

The development is expected to further increase the cost of transportation and movement of goods within the state.In Zamfara State, a litre of petrol was selling for N1,500 in Gusau, the state capital, and its environs.

A visit to filling stations showed that motorists were purchasing the commodity for between N1,450 and N1,500 per litre, against the former price of N1,350.

At Danmarina filling station, motorists were seen purchasing the commodity amid complaints about the increase. One of the motorists, who gave his name as Musa Idris, said the current price was putting pressure on consumers.

• Culled from the PUNCH