The Federal Government (FG), through its Federal Competition and Consumer Protection Commission (FCCPC), is planning to fine Point of Sales (PoS) operators who establish service tariffs by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN). As a result, according to the FCCPC, AMMBAN's price fixing for its members is unconstitutional.
This is even after the commission clarified that it is not opposing individual PoS operators raising their charges as they see appropriate to benefit from the company. The FCCPC's chief executive officer, Babatunde Irukera, stated in a statement that any attempt to form a PoS business cartel would be forbidden.
Irukera stated, “Just because the Commission was yet to persecute any POS Operators, does not mean that it is weak. The Commission prefers an advocacy approach to enforce obedience to the law because the PoS business is dominated by young Nigerians who are creating jobs for themselves.”
However, the chief executive officer stressed that the commission is going to punish any PoS operator who violates the law while alerting PoS operators that violating a Commission order carries further penalties in addition to 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.
Read more: https://www.investingport.com/fccpc...tors-over-collaborative-service-price-fixing/