Point of Sales, PoS, operators in Kwara State under its registered umbrella body, Kwara Association of Professional Point of Sale Agents, KWAPPSA, have pegged transaction costs for various money related services at not more than N250 per N10, 000 transaction.
https://starlitenews.com.ng/2023/07/24/fg-to-fine-pos-operators-n1m-for-illegal-pricing/
Explaining this resolve in a press release made available to this Media Platform on Wednesday, attached with a list of its new transaction costs and signed by its president, Mr Ridwan Opakunle, the operators stated that the move was in deferens to the appeal of the state governor and Chairman of the Nigerian Governor’s Forum, NGF, Mall. Abdulrahaman Abdulrazak, who recently called on patriotic Nigerians to avoid needless price hike in cost of commodities and services.
Other transaction charges as listed by KWAPPSA are N100 to N1000 attracts N50 charge; from N1, 100 to N3,000 attracts N100 charge. Others are transactions from N3, 100 to N5000 will attract N150; N5,100 to N8,000.attracts N200; N8, 100 to N10,000 will attract N250.
Also, transaction of N10,100 to N15000 will attract N300, while N15,100 to N20,000 will attract N400 charges.
KWAPPSA, however noted that figures above N50,000 should be as negotiated between POS agents and customer.
Same, the association said, applies to cost on deposits.
KWAPPSA explained that in arriving at this charges, it viewed with concern the development in other states where such charges were fixed arbitrarily without consideration for the common man who is already grappling with excruciating pain of fuel subsidy removal.
In states like Lagos and the Nation’s capital, Abuja, transaction charges for POS have soared up to as much as N500 for every N10,000 transaction.
“Kwara, like most states in the country is civil service driven as per its economy and we have a lot of rural poor who are struggling at this time.
“We have heard Governor Abdulrazak’s Appeal on the need for marketers to be more patriotic and not inflate prices and charges to the settlement of the common man,” Opakunle explained.
“We have a only marginally increased our charges capping it at N250 per transactions on every N10, 000,” KWAPPSA added.
The association explained that its price adjustment also follows federal government, through the Central Bank of Nigeria, CBN, guidelines which advised operators to follow recommended figures agreed by states association of POS Operators.
“Even more, we have had to consider the enormous cost of running our business most which funded through loans that must be repaid to financial institutions,” said KWAPPSA chairman.
KWAPPSA captures 6,000 POS agents across Kwara.
