The Association of Mobile Money and Bank Agents in Nigeria has said there are no plans to increase their service charges following the Central Bank of Nigeria’s decision to review cash withdrawal limits for Automated Teller Machines and over-the-counter withdrawals. This was disclosed by the National President, AMMBAN, Victor Olojo.

There had been insinuations that the new CBN withdrawal policy would lead to an increase in fees charged by the PoS agents.

The new CBN cash limits policy, among other things, attract processing fees of five per cent and 10 per cent respectively, for individuals and corporate entities, effective January 9, 2023.

But reacting, Olojo explained the CBN was aware of the implications and works currently in the pipeline on possible solutions.

He stated that despite an increase in the cost of production caused by the withdrawal limit, bank agents had resolved to register their businesses as corporate entities rather than increase service fees.

Giving an update on the association’s adjustment to the policy, the PoS operators’ union president said that Nigerians are adapting fast to the new limits and as for the operators they are still trying to adjust which has not been easy being that a number of their members have not registered their businesses as entities.

He also said they were aligning with the CBN and they understand that Nigerians need to go cashless . They are encouraging their members to ensure that they also get registered so that they will be able to access more funds because as an individual entity, they won’t get as much compared to when you are registered as a business.