POS Operators to Proceed with Implementation of New Service Charges from Monday

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Despite facing recent criticism and threats of sanctions, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has announced that the current economic conditions have not deterred point-of-sale (PoS) operators from proceeding with their plans to implement the new service charge framework starting next Monday. The association also expressed intentions to extend the implementation to the Federal Capital Territory and other states.

In an interview on June 30, Stephen Adeoye, the PRO of AMMBAN’s Lagos Chapter, had revealed that the association had developed a new price list for PoS agents operating in the state. Adeoye justified the price increase by stating that PoS agents needed to adjust their charges to align with the country’s prevailing economic realities.

The raised fees faced criticism from Nigerians, and both the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria (CBN) promised to intervene and threatened sanctions.

However, Elegbede Segun, the National Publicity Secretary of AMMBAN, remarked in an interview that the threats of sanctions were merely confined to newspaper reports, emphasizing that the association was fully prepared to commence with the implementation.

“The reactions you have seen are just on the pages of newspapers, as far as the central bank and FCCPC is concerned,” Elegbede stated on Friday.

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