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Mobile Money and Bank Agents Association of Nigeria said that it will not reconsider its plans to increase the price of service charges, despite recent criticisms.
The association said that the current economic conditions have not changed its decision and that it will begin implementing the new framework starting next Monday.
According to the PoS Operators, they plan to extend the implementation of the new price range to the Federal Capital Territory and other states.
In June, the association's PRO, Stephen Adeoye, said that the association had come up with a new price list for PoS agents operating in Lagos State.
He justified the increase in prices by saying that PoS agents were adjusting their prices to reflect the country's current economic realities.
The association's decision to increase service charges has been met with criticism from Nigerians, including threats of sanctions from the Federal Competition and Consumer Protection Commission (FCCPC) and the Central Bank of Nigeria (CBN).
However, the association's publicity secretary, Elegbede Segun, said that the threats of sanctions were only on the pages of newspapers and that the association was well prepared to commence implementation.
"The reactions you have seen are just on the pages of newspapers, as far as the central bank and FCCPC is concerned," Elegbede said on Friday. "We are going ahead with the implementation of the new price range."
The association's decision to increase service charges is likely to have a significant impact on consumers, who will now have to pay more for PoS transactions. It remains to be seen whether the FCCPC or the CBN will take any action to prevent the association from implementing the new price range.
