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Kwara PoS Operators Peg Charges, Push Back At ‘Lagos Encroachment’

The umbrella body for Point of Sales, PoS, operators, Kwara Association of Professional Point of Sale Agents, KWAPPSA, have pushed back at what appears to be an arbitrarily fixed transaction cost in Lagos, Abuja and other states from reaching their domain by pegging costs of their services.

Lagos, Abuja and some other highbrow states charge for instance at N500 for every N10,000 withdrawal from PoS.

But KWAPPSA, a registered trade and artisan body, has pegged transaction costs for various money-related services at not more than N250 per N10,000 transaction as against what obtains in the federal capital and in the former nation’s capital.

Explaining this resolve in a press release attached with a list of its new transaction costs and signed by its president, Mr Ridwan Opakunle, the operators stated that the move was also in deference to the appeal of the state governor and Chairman of the Nigerian Governor’s Forum, NGF, Mall. Abdulrahman 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 attract N50 charge; from N1,100 to N3,000 attracts N100 charge. Others are transactions from N3,100 to N5,000 will attract N150; N5,100 to N8,000.attracts N200; N8, 100 to N10,000 will attract N250.

Also, transactions of N10,100 to N15,000 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 these 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 the 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 only marginally increased our charges capping it at N250 per transaction on every N10,000,” KWAPPSA added.

The association explained that its price adjustment also follows the federal government, through the Central Bank of Nigeria, CBN, guidelines which advised operators to follow recommended figures agreed by the 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.

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