Regardless of the flurry of coverage adjustments from Nigeria’s Central Financial institution in late 2024, the monetary business consensus is evident: business banks have misplaced the money arms race. As soon as-dominant banking channels like ATMs and over-the-counter withdrawals have been eclipsed by banking brokers, a.ok.a POS brokers as essentially the most dependable method to entry money throughout the nation.
In December, the CBN imposed withdrawal limits on POS brokers and threatened penalties for banks discovered promoting mint notes to foreign money sellers. Nevertheless, these measures have had restricted influence in curbing the reliance on POS brokers.
As a substitute, many POS brokers responded by elevating withdrawal charges—fees which, notably, stay uncapped by the CBN. This price hike pattern has been significantly noticeable in elements of Lagos, the place withdrawing money has grow to be dearer for purchasers.
In interviews with over 20 POS brokers and prospects, a transparent image emerged: withdrawal charges fluctuate broadly relying on the placement. Whereas some brokers have elevated their fees, others proceed to supply the identical charges as earlier than. The chart beneath illustrates these variations:
*Click on on the dropdown within the picture to see withdrawal fees for various quantities.
