Fee hike: POS operators protest as FG vows heavy sanction

By Sola Omoniyi, Lagos

Point of Sale 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 asked PoS operators to desist from any move to hike PoS transaction charges.

According to the commission, it is currently investigating price-fixing attempts by PoS agents and will sanction them if they are found guilty.

It said, “To the extent that any combination of undertakings, including AMMBAN indeed met, agreed or decided to impose uniform or coordinated fees/tariffs for services this announcement should serve to ensure such undertakings cease and desist from that arrangement or similar discussions/conduct.”

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 i have new price lists in the state and are working to create a task force to enforce the changes.

When enforced, customers will need to pay N100 for withdrawals from N1000–N2,400; N200 for N3500 to N4000; N300 for N4,100 to N6,400; N400 for N6,500 to N7,900; N500 for N8500 to N10,900; N600 for N11,000 to N14,000; and N700 for N14,500 to N17,900.

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.