Price hike to ensure survival POS operators

The Association of Mobile Money and Bank Agents in Nigeria has said the recent increase in service charges was to ensure Point of Sale operators survive and remain in business.

It said the increment attempt in Lagos, Ogun, and Edo states was a direct response to the current economic realities in the country, noting that the cost of production has increased significantly.

The PUNCH reports that the proposed increment had attracted reactions from the Central Bank of Nigeria and the Federal Competition and Consumer Protection Commission.

But responding in a statement signed by the National Public Relations officer, Oluwasegun Elegbede, on Wednesday, the association stressed that surging inflation has negatively impacted the “Cost to serve” adding that agency business has become unprofitable for its agents.

The statement read partly, “The recent action, in direct response to the current economic realities in the country, aims to ensure that agents can…