The Federal Government, represented by the Federal Competition and Consumer Protection Commission, is preparing to take action against Point of Sale agents attempting to increase transaction fees nationwide.
Babatunde Irukera, the Executive Vice Chairman/Chief Executive Officer, confirmed this information on Wednesday.
He mentioned that the order would be officially issued shortly. After the initial advisory given to the Association of Mobile Money and Bank Agents in Nigeria, which was disregarded, the government is now prepared to enforce more definitive measures.
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.”
In July, the Federal Competition and Consumer Protection Commission (FCCPC) disclosed an ongoing investigation into potential price fixing efforts by Point of Sale agents.
The FCCPC warned of potential sanctions if they are found guilty and also urged the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) to refrain from engaging in any attempts to fix PoS prices.
However, despite objections from various stakeholders, the AMMBAN proceeded with its plans to raise transaction charges. As of July 17, 2023, the new prices were implemented by PoS agents operating under the association’s umbrella.
