Mobile Money Agents Stand Firm on New Transaction Prices Despite Regulatory Pressure

The Association of Mobile Money and Bank Agents in Nigeria, represented by their National Public Relations Officer, Oluwasegun Elegbede, has affirmed their commitment to the recently increased prices for Point of Sale (POS) transactions. In response to the association’s decision to raise transaction costs and implement new prices starting Monday, the Federal Competition and Consumer Protection Commission (FCCPC) intervened to halt the PoS transaction charges.

Speaking with The PUNCH, Elegbede emphasized that the association’s members have no plans to revert to the old prices, and they question the FCCPC’s stance on their price increase in comparison to other sectors with similar adjustments. Elegbede challenged whether the commission provides financial support or funding to their industry and called for a fair assessment of the situation.

Despite the regulatory pressure, Elegbede asserted that the new pricing regime has been put into effect nationwide. The recent increase in fuel pump prices has further strengthened the resolve of POS agents to adhere to the new pricing structure.

Elegbede noted, “Our members have already begun adjusting their prices. Although some agents may express concerns about the FCCPC’s statements, the rising fuel prices have solidified their determination. We anticipate that many more agents will adopt the new pricing in the coming days.”

He confirmed that compliance with the new pricing is widespread across the country. While some states may not have made formal announcements in the media, they have implemented the new rates.

In response to the association’s actions, the Executive Vice Chairman/Chief Executive Officer of the FCCPC, Babatunde Irukera, expressed the commission’s readiness to take action and potentially bar POS agents from continuing with their increased charges.

As the standoff between the association and regulatory body persists, the fate of PoS transaction costs hangs in the balance, with implications for both mobile money agents and consumers.