The recent hike in unified price-fixing on point of sale (PoS) charges by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) Lagos chapter has been strongly condemned by the Federal Competition and Consumer Protection Commission (FCCPC). In a statement released on Wednesday, Babatunde Irukera, the executive vice chairman of FCCPC, made it clear that fixing prices is not an acceptable or proven method to prevent fraud or ensure fair pricing.
The FCCPC emphasized that price-fixing distorts the market, stifles innovation and efficiency, and ultimately does not benefit consumers or other businesses, except for those engaged in such illegal conduct. The commission's response comes after AMMBAN's recent decision to increase the PoS charges per transaction.
The FCCPC explicitly restricts any collaboration that involves coordinating the supply and pricing of services. It called on consumers to provide credible and useful information to assist in their investigations and enforcement efforts. The commission warned that severe penalties would be imposed on cartels or similar coordinated and collusive conduct, even at the association level. The FCCPC remains committed to fully enforcing the law whenever there is sufficient evidence of prohibited actions.