In order to stop Point of Sale (PoS) 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 reported to the media on Wednesday by Babatunde Irukera, the executive vice chairman and chief executive officer.
He said the order would come out in a couple of hours.
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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 Association of Mobile Money and Bank Agents in Nigeria, which represents PoS agents, recently announced increases in the cost of their transaction fees.
On July 17, 2023, AMMBAN started implementing its increased prices despite receiving criticism from numerous parties.
