FG To Bar PoS Agents From Fixing New Prices

VAM News Update

Recently, 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 PUNCH reports that the Nigerian Government through the Federal Competition and Consumer Protection Commission is set to issue an order against moves by Point of Sale agents to hike transaction charges across the country.

The Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, confirmed this exclusively to The PUNCH on Wednesday.

According to him, the order would be issued in a couple of hours.

He noted that following its first advisory to the Association of Mobile Money and Bank Agents in Nigeria, which was ignored, it is now ready for more definite enforcement.

He told The PUNCH, “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 coming.

“It will get to you in a matter of hours. An order is forthcoming and 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.”

Earlier in July, the FCCPC announced that it was investigating price fixing attempts by Point of Sales agents and will sanction them if they are found guilty. It asked AMMBAN to desist from attempts to fix PoS prices.

Recently, 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. Despite kickbacks from various stakeholders, AMMBAN began the implementation of its new prices on July 17, 2023.