The Federal Competition and Consumer Protection Commission (FCCPC) has barred PoS operators in Nigeria from implementing the recently announced increase in charges for PoS transactions.

The Commission in a statement released on Wednesday and signed by its Chief ExecutiveOfficer, Mr. Babatunde Irukera, said the Federal Competition and Consumer Protection Act (FCCPA) does now allow any trade group to fix price in a way that is capable of distorting the market. While warning the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) not to implement the announced prices, Irukera said any attempt to go ahead would be met with penalties as spelt in the FCCPA.

Price fixing is not allowed
While noting that the FCCPA frowns at price fixing by any trade group in Nigeria, Irukera said:
“The Federal Competition & Consumer Protection Act (2018) (FCCPA) recognizes; indeed encourages the prerogative of businesses to organise in, and as trade associations for acceptable purposes, such as ensuring and enforcing applicable standards and best practices, as well as a measure of self-regulation within the profession or trade.
However, the same FCCPA copiously and extensively limits the scope and extent of such collaboration, particularly to exclude coordination with respect to the scope or supply of services and price of services.

The FCCPA expressly prohibits any price-fixing or agreement among undertakings (whether bilaterally or multilaterally) or by undertakings acting in consensus on the platform, or under the aegis of an association to fix prices, coordinate supply or any other commercially sensitive factors that can limit or substantially prevent competition; or otherwise distort the market.


Source: https://nairametrics.com/2023/07/05/fccpc-bars-pos-operators-from-increasing-prices-threatens-sanction/

Will they work the talk or it's just lip service ..


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