In response to the Central Bank of Nigeria’s decision to review the cash withdrawal limits for automated teller machines and over-the-counter withdrawals, the Association of Mobile Money and Bank Agents in Nigeria stated that there are no plans to raise their service fees.
There were rumors that the new CBN withdrawal rules would result in an increase in the fees the PoS agents charged. He claimed that even though the withdrawal limit increased the cost of production, bank agents had decided to register their companies as corporations rather than raise service fees.
Many of our members don’t have their business entities registered. “So, we support the CBN and recognize that Nigerians must adopt a cashless society, and we are motivating our members to ensure that they also get registered so that they will be able to access more funds because as an individual entity, you won’t get as much compared to when you are registered as a business.”
