VAM NEWS UPDATE

Despite recent criticisms of plans to increase the price of service charges, the Association of Mobile Money and Bank Agents in Nigeria has said current economic conditions have not prompted point-of-sale operators to reconsider their plans to implement the new framework starting next Monday.

This was as it indicated plans to extend the implementation of the new price range to the Federal Capital Territory and other states.

According to PUNCH report in June 30, the PRO, AMMBAN, Lagos Chapter, Stephen Adeoye, in an interview, said the association had come up with a new price list for PoS agents operating in the state.

Justifying the increase in prices, he said PoS agents were adjusting their prices to reflect the country’s current economic realities.

The raised elicited criticism from Nigerians, including threats of sanctions by the Federal Competition and Consumer Protection Commission and the Central Bank’s promise to intervene.

However, the National publicity secretary of the association, Elegbede Segun, said the threats of sanctions were only on the pages of newspapers, adding that the association was well prepared to commence implementation.

“The reactions you have seen are just on the pages of newspapers, as far as the central bank and FCCPC is concerned,” Elegbede said on Friday.