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The Federal Competition and Consumer Protection Commission is currently investigating allegations of price fixing by Point of Sales (PoS) agents and has stated that it will impose sanctions if they are found guilty.
This comes after the Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter announced their intention to increase transaction charges.
The FCCPC has emphasized that price fixing is against the law and has negative effects on the market and consumers.
The commission is prepared to enforce the law and impose penalties on any collusive conduct among competitors, including at the association level.
The FCCPC has advised AMMBAN to refrain from attempting to fix prices and has opened an investigation to verify the claims made by AMBAN regarding price changes.
If the evidence supports these claims, appropriate regulatory actions will be taken.
