POS operators In Osun Jerk Up Service Fees On Transaction

VAM News Update

THE Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Osun State Chapter at its State General Meeting held on Saturday, 15th July, 2023 resolved that the Convenience Charges for POS transactions be reviewed upward as a result of the current economic reality in the country which has negatively impacted the “Cost to serve” for POS operators and already sent many agents out of business.

The association contended that if this trend continues, it’s capable of blowing the unemployment rate out of proportion and an imminent threat to security of lives and properties.

This was contained in a press release issued in Osogbo at the end of the State General Meeting and signed by the State Chairman, Com. Badru Asimiyu and State Secretary, Com. Gbadebo Lukman.

The association lamented the numerous challenges facing POS Operators presently in the country such as the surging inflation, overwhelming increase in transport fare and other overhead costs, tightened source of funding, increase in rents, staff demand for salary rise, high POS paper costs, data subscriptions, security costs, multiple taxation/levies, loss of funds through licensed operators’ channels, fraud, and robbery attacks.

The association of POS Operators noted that Agency Banking also known as POS business remains the greatest SME sector that is easy to enter for an average youth to earn a living, in fact the greatest employer of labour in the country today.

AMMBAN has therefore directed POS Operators in Osun State to adjust the service fees in patriotic manner as collectively agreed at the meeting to allow both the agents and the customers a breathing atmosphere in the face of galloping inflation and naira floating marauding all and sundry.

The new prices are as follows:

1000-3900 =N100
4000-5900= N150
6000-7900=N200
8000-10000=N250.

The association also directed all its zones to ensure POS Operators carry out their services in line with agreed convenience fees for transactions and in accordance with peculiarities of each zone and cost to serve in patriotic manner.

In a related development, the State Chapter of AMMBAN at the general meeting announced the State Task Force Committee to coordinate and effect professional conducts of Operators across the state in conjunction with the Zonal Task Force Committees as contained in the bye-law of the association.

Members of the State Task Force Committee include:1. Com. Oyekunle Nurudeen Adekunle Dejust- Task Force Chairman2. Com. Omotosho QuadriTask Force Secretary3. Com. Jimoh Kazeem Omoya – Task Force PRO4. Com. Okunade Akintunde Abiodun – Member5. Com.Augustine Helen (Queen) – Member6. Com. Abdulrasaq Dauda – Member7. Com. Awominure Timothy Segun – Member.