The Federal Government, through the Competition and Consumer Protection Commission (FCCPC), has threatened to sanction Point of Sale (PoS) operators over the planned increase in transaction charges.
According to the commission, PoS operators found violating the order will pay N10 million for corporate entities and N1 million or a prison sentence of up to three months for individuals.
This follows the move by PoS operators, under the umbrella of the Association of Mobile Money and Bank Agents in Nigeria, to fix new prices for PoS transactions.
This was disclosed in a statement issued on Monday, by the Executive Vice Chairman/ Chief Executive Officer of FCCPC, Babatunde Irukera.
Irukera said: “The Commission advises PoS operators that violation of an order of the Commission attracts additional consequences apart from the underlying illegal conduct that is the subject of the order such as up to N10,000,000 for corporate entities; and N1,000,000 and or a prison sentence of up to three months for individuals.”
He described the proposed plan to fix the charges as a breach of Section 127 of the Federal Competition and Consumer Protection Act 2018.
“Accordingly, the Commission, in escalating this in accordance with the FCCPA and ancillary instruments, has entered an Order & Notice (ONC) of the Commission to AMMBAN, persons identified as executives, members, and non-member PoS operators to Cease and Desist from conduct that constitutes an infringement of the law.”
“In addition, some persons, such as non-AMMBAN members, may become subject to the ONC. Accordingly, the Commission has, and is by this again publicly disseminating the ONC. Members are however invited to consider the sufficiency of service of the ONC under Section 158(4) of the FCCPA which deems such service on their association or executives as adequate and acceptable,” the FCCPC chief added.