The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has appealed to the Central Bank of Nigeria (CBN) and the Office of the Vice President, Kashim Shettima, to review the five per cent charge on Point of Sale (PoS) transactions imposed on its members.
The association stated that the recent introduction of the five per cent electronic fee on agents has added to the burdens faced by PoS operators nationwide. It emphasized that the fee is onerous, considering that agents already shoulder numerous costs to deliver their services.
The appeal was made in a statement issued on Tuesday in Ibadan. The association lamented that PoS operators are not treated as priority agents for cash accessibility, which has made it difficult for them to access cash while providing essential financial services to the public.
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The statement explained that even when agents visit banks or their principals to obtain cash, they often fail to receive it. This situation is unsustainable, as agents are expected to provide financial services without adequate support or funding.
The statement further criticized the introduction of the five per cent electronic fee, describing it as a significant burden on PoS operators who are already dealing with numerous financial constraints.
In light of the current inflation rate, the association proposed raising the electronic fee threshold to N50,000, noting that this adjustment would not affect low-income individuals, who are exempt from the fee.
The association also expressed concern that the current arrangement could hinder the government’s efforts to drive financial inclusion. It called on the CBN and the Office of the Vice President to review the policy and ensure that principals provide adequate support and funding to their agents.
The statement was signed by several key officials, including the Osun State Chairman, Mr. Badiru Asimiyu Olawale, the National Public Relations Officer, Mr. Ogungbayi Ganiyu, and other representatives from Bauchi, Edo, and Abia States.
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