FCCPC set to clamp down on POS transaction charge hike

Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera said the commission is set to issue an order against the planned hike in transaction charges by Point of Sale agents.

Speaking with The PUNCH on Wednesday, Irukera said the commission will clamp down on any POS agent who goes against the order.

According to him, the FCCPC is ready for a more definite enforcement after its first advisory to the Association of Mobile Money and Bank Agents in Nigeria

“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,” Irukera said.

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

Despite kickbacks from various stakeholders, AMMBAN began the implementation of its new prices on July 17, 2023.