Rising PoS withdrawal charges have been attributed to cash scarcity and higher costs, according to PoS agents who spoke to Techpoint Africa.
PoS agents have become a vital part of Nigeria’s push for financial inclusion, replacing the need for automated teller machines (ATMs) in most parts of the country. However, that shift has come with its costs.
Withdrawals of ₦5,000 and below previously incurred a charge of ₦100, while withdrawals exceeding ₦5,000 but under ₦10,000 attracted a fee of ₦200. During the cash scarcity prompted by the CBN’s currency redesign initiative, these charges briefly spiked.