Experts believe that the new price list for Point of Sale (PoS) transactions in Lagos state will likely lead to an increase in the utilization of alternative payment channels. The revised price list, which includes higher charges, imposes additional costs on financially strained Nigerians grappling with high inflation rates, the highest in 17 years. Some of the alternative payment channels include Automated Teller Machines (ATMs), mobile banking apps, and USSD (Unstructured Supplementary Service Data).
Israel Odubola, a research economist based in Lagos, stated that the price revision is expected to drive people towards embracing digital platforms, particularly considering the inflationary pressure on essential goods and services resulting from recent government policies. Odubola noted that in areas with a high banking presence, the impact of the price revision would be limited.
Chinasa Collins-Ogbuo, the head of the Inclusion for All Initiative at Africa Practice, emphasized that digital financial services play a crucial role in promoting formal financial inclusion. She expressed concern that the price increase may deter vulnerable groups who rely on mobile agents and threaten account usage, thereby hindering financial inclusion efforts.
The price adjustments for PoS transactions were announced by the Association of Mobile Money and Bank Agents in Nigeria, disregarding the guidelines provided by the Central Bank of Nigeria (CBN). The charges may pose challenges for PoS businesses, as they are unable to pass the additional costs to customers by imposing extra charges. However, consumers have access to competitive, cheaper, and effective alternatives that can offer optimal value for their spending, especially in an inflationary environment.
Electronic payment transactions in Nigeria have been on the rise, with data from the Nigeria Inter-Bank Settlement Scheme (NIBSS) indicating a substantial increase in the volume and value of mobile transfers and PoS transactions. However, the use of cheques has continued to decline.
The introduction of the cashless policy by the CBN in 2012 aimed to reduce cash handling and modernize payment systems in Nigeria. Mobile payment schemes and mobile phones are expected to play a significant role in driving financial services and achieving higher financial inclusion rates in Sub-Saharan Africa.
President Bola Ahmed Tinubu recently urged global financial institutions, including Bank of America, to support Nigeria in enhancing its gas sector’s competitiveness in the global market. The president highlighted the need for fiscal and institutional reforms to address governance and development challenges and emphasized Nigeria’s commitment to success and its role as the largest economy and democracy in Africa.
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