FG to bar POS agents from increasing service charge

The Federal Government is set to issue an order against moves by Point of Sale operators to hike transaction charges across the country.

This was made known by Chief Executive Officer, Federal Competition and Consumer Protection Commission Babatunde Irukera to The Punch on Wednesday.

He said the order would be issued in a couple of hours and it is coming on the heels of its first advisory to the Association of Mobile Money and Bank Agents in Nigeria, AMMBAN which was ignored.

Irukera said Federal Competition and Consumer Protection Commission is now ready for more definite enforcement.

He 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 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.”

FCCPC earlier announced that it was investigating price fixing attempts by Point of Sales operators and will sanction them if they are found guilty. It asked AMMBAN to desist from attempts to fix POS prices.

However, POS agents under the aegis of the Association of Mobile Money and Bank Agents in Nigeria, recently announced increments in the prices of their transaction charges.

Despite objections from various stakeholders, the association began the implementation of its new POS service charges on July 17, 2023.