PayCentre, a leading innovator in agent banking solutions, has issued a formal statement distancing itself from recent pricing changes announced by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN). The company’s move comes in response to the Lagos chapter of AMMBAN’s new price list for Point of Sale (PoS) transactions, which does not adhere to the Central Bank of Nigeria’s (CBN) guidelines.
Discrepancies in PoS Pricing
The new price list released by AMMBAN’s Lagos chapter specifies fees for PoS transactions as follows: N100 for amounts between N1,000 and N2,400; N200 for amounts from N3,500 to N4,000; and N300 for transactions ranging from N4,100 to N6,400. For deposits and transfers, the fees are set at N100 for amounts up to N4,900, escalating to N600 for transactions up to N50,000.
Stephen Adeoye, AMMBAN’s spokesperson, defended the new pricing structure in an interview on Channels Television, explaining that the revised fees aim to deter fraud and address issues with overcharging by some agents.
PayCentre’s Commitment to CBN Guidelines
In contrast, PayCentre has reaffirmed its commitment to adhering strictly to the CBN’s official guidelines for PoS transaction fees. The company has issued a notice urging all its agents to comply with the CBN’s fee structure, which it argues is essential for maintaining standardisation and protecting consumer interests.
The official notice from PayCentre emphasizes the importance of aligning with CBN regulations to ensure fair and transparent transaction practices. The company’s statement reflects its dedication to upholding the integrity of agent banking services and supporting the central bank’s efforts to regulate the financial sector effectively.
Industry Response and Future Outlook
The divergence between AMMBAN’s new pricing and CBN’s guidelines highlights ongoing challenges in regulating agent banking services and managing fee structures in Nigeria. As the situation evolves, PayCentre’s commitment to CBN regulations sets a benchmark for other players in the industry to follow, aiming to foster consistency and reliability in the financial services sector.
For more information on PayCentre’s policies and compliance with CBN guidelines, please visit PayCentre’s Official Website.
About PayCentre
PayCentre is a pioneering agent banking solution provider, dedicated to delivering innovative and reliable financial services across Nigeria. With a focus on regulatory compliance and customer satisfaction, PayCentre continues to lead in enhancing the accessibility and efficiency of banking services through its extensive network of agents.