Recently,Point-of-Sale,(PoS) agents under the aegis of the Association of Mobile Money and Bank Agents in Nigeria, announced increments in the prices of their transaction charges.
The Federal Government, through the Federal Competition and Consumer Protection Commission, is set to issue an order against moves by the PoS agents to hike transaction charges across the country.
Recall that recently, the PoS agents, under the aegis of the Association of Mobile Money and Bank Agents in Nigeria, (AMMBAN), announced increments in the prices of their transaction charges. Despite kickbacks from various stakeholders, the association began the implementation of its new prices on July 17, 2023.
The AMMBAN Executive Vice-Chairman/Chief Executive Officer, Babatunde Irukera, who confirmed this yesterday, said the order would be issued in a couple of hours. According to him, following its first advisory to the association, which was ignored, it is now ready for more definite enforcement.
He further said, What we did initially was to issue an advisory, which is part of the process – engagement. After which we would employ other tools of engagement. Other tools of enforcement involve issuing an order. If you hold on a little, you will see it. What we did initially was not an order; but very soon, an order is forthcoming. It will get to you in a matter of hours. And it will be directed specifically at the association and the agents.
“Now, when there is a subsisting order, the violation of the order is what would precipitate enforcement, he added.
Earlier in July, the FCCPC announced that it was investigating price fixing attempts by the PoS agents, saying it will sanction them if they are found guilty. It asked AMMBAN to desist from attempts to fix PoS prices.
