Adejoke Adebiyi
The Association of Mobile Money and Bank Agents in Nigeria has justified the recent price hike in service charges, stating that it was necessary to secure the survival of Point of Sale (POS) operators and enable them to remain in business.
The association explained that the decision to raise fees in Lagos, Ogun, and Edo states was a direct response to the prevailing economic conditions in the country, where the cost of production has substantially risen.
It was reported that the proposed increase drew reactions from the Central Bank of Nigeria and the Federal Competition and Consumer Protection Commission.
However, responding in a statement signed by the National Public Relations Officer, Oluwasegun Elegbede, on Wednesday, emphasizing that escalating inflation had adversely affected the “Cost to serve,” making the agency business 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 continue to stay in business.”
“It is essential to remember that our services are not subsidized by the CBN or any of the operators. The burden of the current economic reality lies squarely on the shoulders of each and every agent.
“Today, the average agent faces numerous challenges, including surging inflation, overhead costs (such as source of funding, rent, staff salaries, POS paper costs, data subscriptions, security, multiple taxation/levies), and various risks such as loss of funds through licensed operators’ channels, fraud, and robbery.”
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