FCCPC warns POS operators against price fixing

The Federal Competition and Consumer Protection Commission (FCCPC) has advised point of sales (PoS) operators in the country, especially in Lagos, against price-fixing or forming a cartel.

FCCPC moved against the indiscriminate increase of charges, noting that the law frowns at attempts by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) to fix charges.

The Commission, in a statement released yesterday, said it would continue to use the advocacy approach while it would not hesitate to impose penalties when necessary.

According to the Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, the Commission would not allow any attempt to create a PoS business cartel that fixes prices.

While frowning at AMMBAN’s disregard for its previous warning, Irukera said the Commission was concerned about statements emanating from the executives of the association.

Faulting some claims by AMMBAN leadership, the FCCPC CEO reminded the public that the Commission “is not weak”, stressing that the body adopted advocacy to enforce compliance with the law because the PoS business is dominated by young Nigerians, who create jobs for themselves.