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POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike - Business - Nairaland

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POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by dre11(m): 10:14am On Jul 06, 2023
POS: CBN engages operators as Zenith Bank cautions agents on transaction fees hike

Zenith Bank says the changes in the transaction fees for point of sale (PoS) services cannot be implemented by its registered agent bankers.

Z-Money is an agency banking product of the bank that entails the onboarding of agents who are expected to render basic financial services on behalf of the firm.

Last Friday, the Lagos chapter of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) announced a new price list for PoS transactions in the state.

In an interview with Channels Television, Stephen Adeoye, the spokesperson of the association noted that the measure was put in place to deter fraud and curtail “agents who still overcharge”.

For withdrawal, Adeoye said, agents in the state were mandated to charge N100 for amounts between N1000 to N2,400; N200 for N3,500 to N4,000; and N300 for N4,100 to N6,400.

Speaking to its agents on the issue, Zenith Bank said the adjustment was not in compliance with the Central Bank of Nigeria’s (CBN) regulation.

The bank’s position was contained in a circular seen by TheCable, dated July 5, 2023, and jointly signed by Lanre Oladimeji, its head of retail banking, and Uju Umeh, its retail banking executive.

“Kindly be informed that the changes in transaction charges/fees as highlighted in the said publication is not in line with CBN regulation and as such cannot be implemented by registered agents,” the circular reads.

“Agents are advised to maintain status-quo on pricing based on agreement with the bank.”

The bank said any adjustment in prices will be communicated appropriately through “our official channels after due consultation with the regulatory authority”.

Responding to further enquiry on the subject, Isa Abdulmumin, CBN spokesperson, said the apex bank is in talks with the operators.

“The bank is already engaging the operators,” he said tersely without further details.

https://www.thecable.ng/pos-cbn-engages-operators-as-zenith-bank-cautions-agents-on-transaction-fees-hike/amp

1 Like

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by TemplarLandry: 10:14am On Jul 06, 2023
Good.

1 Like 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by TheFreshVanilla: 10:29am On Jul 06, 2023
Pos money doesn't last 24hrs. Avoid it.

14 Likes

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by popeme(m): 10:29am On Jul 06, 2023
Nice one
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by Bakrabas: 10:30am On Jul 06, 2023
Thank God the CBN is trying to be proactive
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by Brendaniel: 10:30am On Jul 06, 2023
It is Tinubu and his supporters that I blame most, after supporting Buhari to destroy the country for 8 years, they now claim the want to fix the country and instead they continued the destruction from where Buhari stopped, shame to Tinubu and his supporters....

Anyway, the high transaction fees will still favour me and my family....

17 Likes 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by slawomir: 10:30am On Jul 06, 2023
Damnnn niggar
Arrest these moda fuckkers

Nigerians alway taking advantage of things to put more hardship on each other
The criminality in all of us is something else

Wetin this pos operators use our eye see during naira scarcity


At the end them go still step into the polling unit with sentiment and tribalism
We are not really angry about corruption in this country we are just pretending to be angry because we are not the ones carrying out the corruption

18 Likes 3 Shares

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by Emeskhalifa(m): 10:30am On Jul 06, 2023
The proposed charges by Ammban was not only high but ridiculous.

Left to me, I'd say what they did was a negative publicity stunt. In other to get the attention of agents and even CBN herself

4 Likes 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by famology(m): 10:30am On Jul 06, 2023
Wetin dem dey find for POS? Money dey all ATM right now.
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by sofeo(m): 10:30am On Jul 06, 2023
Alright.
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by Canvass: 10:31am On Jul 06, 2023
The POS operators want to tell us that fuel price has gone up and they need to charge their POS machine. That must be the reason for the unauthorized increment in charges.
It seem some people enjoy crazy policies as it help them make crazy money. These POS operators have tasted good money during Naira Change period and have become addicted. They want more.

7 Likes 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by kelechiodo(m): 10:31am On Jul 06, 2023
These agents operating without supervision. It baffles me how they charge anyhow in a controlled industry.

2 Likes 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by Okortor: 10:31am On Jul 06, 2023
All for the media, believe me, bank's will be the Biggest beneficiary in the price hike because more charges on their agents hence more income to the bank's revenue Account.

1 Like 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by ecolime(m): 10:32am On Jul 06, 2023
famology:
Wetin dem dey find for POS? Money dey all ATM right now.
I wonder ooo

2 Likes 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by wittywriter: 10:33am On Jul 06, 2023
Anyhow Citizens and anyhow Authorities.....


Wittyness
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by ArewaNightmare: 10:35am On Jul 06, 2023
grin 100 for 5k my side

1 Like

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by ArewaNightmare: 10:36am On Jul 06, 2023
TheFreshVanilla:
Pos money doesn't last 24hrs. Avoid it.

Na Bunkering Fuel abi 😜 gas


Join comedy abeg 😆😆

2 Likes

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by JuanDeDios: 10:36am On Jul 06, 2023
TheFreshVanilla:
Pos money doesn't last 24hrs. Avoid it.

Please expatiate.

1 Like

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by IPDGP: 10:36am On Jul 06, 2023
Association of pos operator , that's how they ask me to join the association, I was like what the Bleep is the association about, we jist love to form association on everything and the so call leader will be someone making stupid laws.
Also if banks and cbn provide enought ATM machine, abeg who go dey venture into pos business

2 Likes 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by Lovenorth: 10:37am On Jul 06, 2023
The reason why Nigeria will not succeed is because the country is against itself

2 Likes 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by meum: 10:38am On Jul 06, 2023
Nigerians will set up associations and agree on how to rip off Nigerians in Nigeria.

2 Likes 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by igbeke: 10:40am On Jul 06, 2023
Thesame Zenith bank that operates the most unfriendly post in Nigeria?

"End shall never wonder'
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by specialmati(m): 10:41am On Jul 06, 2023
shocked shocked shocked shocked shocked shocked shocked country of mudafuckers ruled by modafucking crooks
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by money121(m): 10:41am On Jul 06, 2023
Ok
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by Treasure17(m): 10:42am On Jul 06, 2023
Dead on arrival. What kind of satanic and demonic charges is this? 300 on 4100? Not happening.

1 Like 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by Bfly: 10:45am On Jul 06, 2023
Every private association in Nigeria that milk money from the people do not mean well for Nigerians.
More brutal than government.

Their price never go down. Even when government are trying to ease life for the people.
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by atobs4real(m): 10:45am On Jul 06, 2023
Talk of ur outrageous charges instead of the poor agent

1 Like 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by rajiedreez: 10:48am On Jul 06, 2023
Everything has an association in Nigeria
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by Kingfragz: 10:52am On Jul 06, 2023
I know adeoye personally....na idiot....where em wife dey sef
Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by famology(m): 10:53am On Jul 06, 2023
ecolime:

I wonder ooo


POS dey relevant bcuz of d last cash crunch. But now money dey everywhere. No ATM wey u go reach wey money nor dey and no queue.

3 Likes 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by sevo(m): 10:55am On Jul 06, 2023
TheFreshVanilla:
Pos money doesn't last 24hrs. Avoid it.

Chai...see somebody mindset

6 Likes 1 Share

Re: POS: CBN Engages Operators, Zenith Bank Cautions Agents On Transaction Fees Hike by Mustack: 10:56am On Jul 06, 2023
TheFreshVanilla:
Pos money doesn't last 24hrs. Avoid it.

Oga you withdraw money to eat, how e want take last 24h?

4 Likes 1 Share

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