FG to Sanction PoS Agents Over Price Fixing

The Federal Competition and Consumer Protection Commission has stated that it is investigating price fixing attempts by Point of Sales PoS, agents and will sanction them if they are found guilty.

This is following recent announcements by the PoS agents under the aegis of the Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter to increase their transaction charges.

According to the Public Relations Officer, Lagos Chapter, Stephen Adeoye, PoS agents now have new price lists in the state and are working to create a task force to enforce the changes.

However, the FCCPC in a statement, signed by its Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, on Wednesday noted that price fixing is against the law and distorts the market, prevents innovation and efficiency, and impacts consumers negatively.