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Nigeria’s central bank to address issue of ‘exorbitant’ PoS fees shortly - ZAWYA

FEBRUARY 07, 2023

PoS operators are now charging 10% withdrawal charges due to scarcity of new naira notes

The Central Bank of Nigeria (CBN) will meet with deposit money banks (DMBs), mobile money operators, and telecommunications companies shortly to address the excess withdrawal charges by Point of Sale (PoS) operators, Ripple Nigeria newspaper reported, citing Governor Godwin Emefiele.

PoS operators are now charging 10 percent of the amount a customer withdraws on the platform following the scarcity of the new naira notes.

“We have noticed that some Nigerians are capitalising on the transition to charge exorbitant fees or demand cash payment on the false pretext that PoS doesn’t work, especially at petrol stations,” he said.

These selfish actions for personal monetary gain are creating hardship for Nigerians, the governor added.

The apex bank might review upward the daily withdrawal limit from 20,000 nairas in the future, Emefiele noted.

(Editing by Seban Scaria [email protected] )


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