Nigerian Point of Sales Operators Protest Outrageous Service Charge Hike

In a remarkable display of dissatisfaction, a group of Point of Sale (POS) operators in Nigeria has taken to the streets to protest against the recent surge in service charges, which came into effect on Monday.

The Association of Mobile Money and Bank Agents in Nigeria had previously announced new service charges for operators back in June, citing the necessity to ensure the survival of Point of Sale businesses. However, the implementation of these charges has sparked outrage among Nigerians.

Under the revised framework, individuals wishing to deposit amounts ranging from N1,000 to N50,000 would be subject to varying service charges, with fees ranging from N100 to N600. Similarly, for withdrawals spanning N1,000 to N20,000, Nigerians would face charges ranging from N100 to N800. These exorbitant increases have drawn sharp criticism from the Concerned POS Operators in Nigeria, who argue that the new charges are both unjustifiable and burdensome for the populace.

The group’s chairman, Kayode Salako, voiced his concerns during an interview with our correspondent in Abuja on Monday. Salako vehemently denounced the fee hikes, stating that they would exacerbate the challenges faced by many Nigerians. He called on the Association of Mobile Money and Bank Agents in Nigeria to consider an alternative service charge structure put forward by the Concerned POS Operators, emphasizing the need for fairer pricing that alleviates the hardships experienced by the citizens.

Salako further urged the Central Bank of Nigeria to review its cashless policy and increase the withdrawal limit for operators. According to him, such measures would contribute to easing the burden on both POS operators and the general public.

As the controversy surrounding the increased service charges unfolds, Nigerians anxiously await a resolution that will address their concerns and ensure a fair and reasonable financial environment. The outcome of this ongoing debate holds significant implications for the future of the country’s POS industry and the financial well-being of its citizens.