The Federal Government of Nigeria, through the Federal Competition and Consumer Protection Commission (FCCPC), has taken action against Point of Sale (PoS) operators to ensure fair competition and protect consumer rights.
In response to the implementation of a new pricing model by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), the government has issued a cease-and-desist order.
The order includes a fine of N1 million for individual PoS operators found to be in violation of the law.
Corporate entities operating PoS services may face even higher fines, up to N10 million.
The FCCPC’s goal is not to restrict the prerogative of PoS service providers to set their prices, but rather to ensure that these prices align with fair competition and consumer protection principles.
Pricing practices that are unjust or exploitative are explicitly prohibited under the Federal Competition and Consumer Protection Act 2018.
Article updated 2 days ago. Content is written and modified by multiple authors.
