CBN Intervenes As PoS Operators Implement Rate Hike

Following the hike in price adopted by the Point of Sale operators across Lagos, Ogun, Edo, and other parts of the country, the Central Bank of Nigeria has said it will intervene to resolve issues around the new charges.
Commenting on the increase, the Director, Corporate Communications, CBN, Isa AbdulMumin, noted that CBN was aware of the move by the PoS agent to increase transaction charges.
He said, “CBN is very much aware and working towards resolving the issue.”
According to the Nigeria Inter-Bank Settlement System, there were 1.8 million PoS deployed machines as of the end of March 2023. Also, more Nigerians have begun to depend on PoS services with transaction value hitting an all-time high of N1.15tn as of the end of March 2023.
This move by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) is in defiance of the Central Bank of Nigeria, which recently released emergency telephone numbers for Nigerians to report PoS agents charging above N200 for withdrawal of amounts up to N10,000.