FCCPC Can’t Stop Implementation of New Charges—POS Operators

July 21, 2023
POS operators lagos
Image Source: Legit

By Aduragbemi Omiyale

Despite the threat by the federal government to stop their proposed increase in charges, POS operators under the aegis of the Association of Mobile Money and Bank Agents in Nigeria have said they will go ahead with the implementation of the new price regime.

The National Public Relations Officer of the group, Mr Oluwasegun Elegbede, said the recent hike in the price of petroleum was the last straw that broke the camel’s back.

In an interview with The Punch, he said the association was not perturbed by the move by the Federal Competition and Consumer Protection Commission (FCCPC) to stop the implementation of the new PoS transaction charges.

The head of the agency, Mr Babatunde Irukera, had said the commission would stop the operators from charging their customers the new fees.

But the group said it would not revert to the old prices, saying its members are also affected by the rise in the prices of goods and services in the country.

“What has the commission done to other price increases across other sectors? We are waiting for the enforcement or the sanction.

“We want to know if it is the commission that is funding us or giving us support. We need to ask them the right questions. What are they doing as regards other segments of the economy that are also increasing prices?” Mr Elegbede queried.

He said the new pricing regime was operational across the country, noting members of the organisation had commenced its implementation.

“Our members have started adjusting their prices. Also, they got the rude shock that pump prices have jumped up. I know a few agents are concerned about what the FCCPC is saying, but before the end of the week, and judging by the increment in prices, many will join.

“Compliance is going on, and we are making sure it is. The implementation is national. Many states have confirmed that they have announced new rates, they may not have done it in the papers, but they have,” he informed the newspaper.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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