POS operators in the country have protested plans by the Federal Government to sanction them for allegedly colluding to hike their transaction charges.
This came as the Federal Competition and Consumer Protection Commission, FCCPC asked PoS operators to desist from any move to hike fund withdrawal charges.
According to the commission, it is currently investigating price-fixing attempts by PoS agents and will sanction them if they are found guilty.
The development followed recent announcements by PoS agents under the aegis of the Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter, to increase their transaction charges.
According to the association’s Public Relations Officer for Lagos Chapter, Stephen Adeoye, PoS agents now have new price lists in the state and are working to create a task force to enforce the changes.
However, the FCCPC in a statement, signed by its Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, on Wednesday noted that price fixing is against the law and distorts the market, prevents innovation and efficiency, and impacts consumers negatively
