FG to stop PoS agents from setting new prices.

In order to stop Point of Sale agents from raising transaction fees across the nation, the Federal Government will issue an order through the Federal Competition and Consumer Protection Commission.

This was revealed exclusively to Newsmen on Wednesday by Babatunde Irukera, Executive Vice Chairman and Chief Executive Officer.

He said the order would come out in a couple of hours.

He stated that it is now prepared for stricter enforcement after its first advisory to the Association of Mobile Money and Bank Agents in Nigeria was disregarded.

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.”

The FCCPC stated earlier in July that it was looking into attempts at price fixing by Point of Sales agents and would punish them if found guilty. It requested that AMMBAN stop attempting to fix PoS prices.

The Association of Mobile Money and Bank Agents in Nigeria, which represents PoS agents, recently announced increases in the cost of their transaction fees. Despite receiving bribes from a number of parties, AMMBAN started implementing its revised pricing on July 17, 2023.