Mobile Money Agents in Nigeria Stand Firm on Implementing New Price Framework

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Despite facing criticism and threats of sanctions, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) remains determined to implement its new price framework for point-of-sale (PoS) operators. The association cited the current economic conditions in the country as the reason for the price adjustments. The implementation of the new price range is scheduled to begin next Monday, and plans are being made to extend it to the Federal Capital Territory and other states.

In June, the AMMBAN, Lagos Chapter, announced a new price list for PoS agents operating in the state, leading to public outcry and disapproval. The association, however, defended the price increases, stating that they are necessary to reflect the economic realities in Nigeria.

The proposed price hikes have drawn criticism from the public, as well as threats of sanctions from the Federal Competition and Consumer Protection Commission (FCCPC) and promises of intervention from the Central Bank of Nigeria (CBN). Despite these reactions, the National publicity secretary of the AMMBAN, Elegbede Segun, asserted that the threats were limited to media statements, and the association is fully prepared to proceed with the implementation of the new price framework.

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