The Osun State Chapter of the Association of Mobile Money and Bank Agents in Nigeria, AMMBAN, has announced that it will update its Point of Sale, or POS, transaction rates.
The decision, according to AMMBAN, was made as a result of the country’s current economic situation, which has negatively impacted the industry.
Additionally, it claimed that many POS agents have already been driven out of business as a result.
The association further stated that if this trend persisted unchecked, it may significantly worsen the unemployment rate and pose a serious threat to the protection of lives and property in a statement issued following its general meeting on Saturday in Osogbo.
The statement, which was issued by the State Chairman and State Secretary, Badru Asimiyu and Gbadebo Lukman, bemoaned the myriad difficulties that the nation’s POS Operators are now dealing with.
“Challenges such as surging inflation, significant rise in transportation costs and other overhead expenses, limited sources of funding, soaring rents, demands for salary increases from staff, high POS paper costs, data subscriptions, security expenses, multiple taxes and levies, loss of funds through licensed operators’ channels, fraud, and robbery attacks are confronting our members.
“Despite all these difficulties, agency banking, also known as the POS business, remains the largest small and medium-sized enterprise (SME) sector that is easy for the average youth to enter in order to earn a living, in fact, it is currently the largest employer of labor in the country.
“Therefore, we direct POS Operators in Osun State to adjust the service fees in a patriotic manner, as collectively agreed upon at the meeting, in order to provide both the agents and customers with some respite in the face of skyrocketing inflation and the fluctuating value of the naira affecting everyone indiscriminately.
“The new prices are as follows: N1000-N3900 =N100, N4000-N5900= N150, N6000-N7900=N200, N8000-N10000=N250.
“We also instruct all our zones to ensure that POS operators conduct their services in accordance with the agreed convenience fees for transactions, taking into account the unique circumstances of each zone, in a patriotic manner.”