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POS Operators Remain Adamant on New Prices Despite Regulatory Clash!”

In the wake of recent announcements of increased Point of Sale (PoS) transaction costs by PoS agents under the Association of Mobile Money and Bank Agents in Nigeria, the National Public Relations Officer, Oluwasegun Elegbede, has asserted that its members are resolute in sticking to the new priciAgentsng regime. The implementation of the revised prices commenced on Monday, leading to a response from the Federal Competition and Consumer Protection Commission (FCCPC), seeking to halt the PoS transaction charges.In an interview with The PUNCH, Oluwasegun Elegbede challenged the FCCPC’s intervention and questioned the Commission’s approach towards other price hikes in various sectors. He remarked, “What has the commission done to other price increases across other sectors? We are waiting for the enforcement or the sanction. We want to know if it is the commission that is funding us or giving us support? We need to ask them the right questions. What are they doing as regards other segments of the economy that are also increasing prices?”Elegbede emphasized that the new pricing structure is already in effect nationwide. He pointed out that the recent increase in fuel pump prices further strengthened the resolve of PoS agents to maintain the new rates. He stated, “Our members have started adjusting their prices. Also, they got the rude shock that pump prices have jumped up. I know a few agents are concerned about what the FCCPC is saying, but before the end of the week, and judging by the increment in prices, many will join.”In response to the PoS agents’ actions, the Executive Vice Chairman/Chief Executive Officer of FCCPC, Babatunde Irukera, stated in an exclusive interview with The PUNCH that the Commission is prepared to issue an order to prohibit PoS agents from continuing with the implementation of the new charges.As the controversy unfolds, the Association of Mobile Money and Bank Agents in Nigeria appears determined to maintain its stance on the revised pricing regime, despite regulatory intervention. The outcome of this conflict between the association and the FCCPC will likely have implications for consumers and businesses alike.


Ademola Adeyemi

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