The National Public Relations Officer, Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Oluwasegun Elegbede, has said members of the association have no desire to return to old prices charged for services.
POS agents under the association recently announced increase in the tariff of POS transaction costs and began the execution of the new prices on Monday.
Following the move, the Federal Competition and Consumer Protection Commission (FCCPC) moved to stop the POS transaction charges.
In a report, Elegbede said, “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 stated that the association’s new pricing system was operational across the country. He noted the recent increase in fuel pump prices intensified the determination of POS agents to stick to the new POS transaction charges.
He said, “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.
“Compliance is going on, and we are making sure it is. The implementation is national. Many states have confirmed that they have announced new rates, they may not have done it in the papers, but they have.”
I’m glad to see that the POS agents are insisting on new transaction charges. This will help to keep the costs of doing business down for both the businesses and the customers.