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Price Fixing: PoS operators will implement new service charges from July 17 despite ‘threats’ –AMMBAN

*The Association of Mobile Money and Bank Agents in Nigeria declares the members are ‘well-prepared to commence implementation of increases in PoS charges’, effective from Monday, July 17, 2023, despite what they have described as ‘newspaper threats’ by regulators and consumers of financial products and services in the country

Gbenga Kayode | ConsumerConnect

Effective from Monday, July 17, 2023, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has said the current economic conditions in the country have compelled the Point of Sale (PoS) operators to make good their plans to implement the new service charge ‘framework’.

It was gathered the AMMBAN members also indicated plans to extend the implementation of the new price range to the Federal Capital Territory (FCT) and other states across the Federation.

ConsumerConnect had reported the cross-sections of Nigerians roundly criticsed the move to increase their service charges in the economy.

Regulators’ caution PoS operators against ‘coordinated’ rates

Similarly, the Federal Competition and Consumer Protection Commission (FCCPC) warned both AMMBAN and PoS operators against   price fixing that could lead to market distortion and more hardships for consumers of financial products and services in Nigeria.

The market regulatory Commission also noted it would not hesitate to apply sanctions against any PoS operators of their collaborators angling to cause more hardships for consumers.

The Central Bank of Nigeria (CBN) in reaction to the threats of several consumers also reportedly indicated its intention to intervene in the new price hike regime for PoS transaction charges.

Stephen Adeoye, Public Relations Officer (PRO) of AMMBAN, Lagos Chapter,  in a recent interview, said the association had come up with a new price list for PoS agents operating in the state.

Justifying the increase in prices, Adeoye said the PoS agents were adjusting their prices to reflect the country’s current economic realities, according to report.

AMMBAN to implement hike despite consumers’ threats: National Scribe

Speaking in an interview, Elegbede Segun, National Publicity Secretary of the Association, was quoted to have stated that consumers’ threats of sanctions were “only on the pages of newspapers.”

AMMBAN is well-prepared to commence implementation of increases in PoS charges in Nigeria.

Elegbede stated that “the reactions you have seen are just on the pages of newspapers, as far as the Central Bank and FCCPC are concerned.”

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