‎NewsRegister Report: Rising Bank Charges Spark Outcry Across Nigeria, POS Operators Solicit Government’s Intervention

‎NewsRegister Report: Rising Bank Charges Spark Outcry Across Nigeria, POS Operators Solicit Government’s Intervention
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‎Across Nigeria, rising bank transaction charges are becoming a growing source of concern for millions of citizens and small business owners, particularly Point-of-Sale (POS) operators who serve as a vital link to financial services for many communities.
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‎With the increasing cost of living, unstable income levels, and limited access to traditional banking facilities in some areas, many Nigerians rely heavily on POS agents for daily cash transactions.
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‎However, POS operators said escalating bank charges are now threatening their businesses and placing additional financial strain on customers.
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‎In Oyo State, especially in Ibadan, POS agents have raised serious concerns over what they describe as excessive bank deductions, stating that the situation is negatively affecting their profit margins and discouraging customers from making withdrawals.
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‎According to several operators, rising transaction fees have made cash withdrawals more expensive, forcing them to either increase service charges or absorb the losses, both of which hurt their businesses.
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‎Many customers, they say, now complain about high withdrawal costs, particularly at a time when economic hardship has made survival increasingly difficult for the average Nigerian.
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‎They are therefore calling on the government and financial regulatory authorities to step in and regulate bank charges to protect small business operators and low-income earners.
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‎However, not all POS operators share this view. Another group of agents argues that bank charges are not excessively high, explaining that transaction costs largely depend on the type of POS terminal being used, transaction volume, and network providers.
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‎They insist that operators who properly understand their service agreements and use efficient terminals can better manage operational costs.
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‎Speaking on the issue, financial analyst Dr. Ige Oludele, explained that banks operate structured charge systems regulated by the Central Bank of Nigeria (CBN), adding that deductions often vary based on transaction type, interbank transfers, terminal providers, and service platforms.
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‎According to him, while some charges are unavoidable due to operational costs and digital infrastructure maintenance, there is still a need for transparency, fairness, and consumer protection to prevent undue exploitation of users and agents.
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‎Despite the differing opinions, the debate over bank charges continues to gain momentum across the country, underscoring the urgent need for policies that balance financial institution sustainability with public interest.
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‎Stakeholders say government intervention is necessary to ensure that financial services remain affordable, accessible, and inclusive for all Nigerians.