National Telescope national telescope newspaper
The Federal Government, has said that Point of Sale operators would be fined N1m if it decided to implement the new prices for PoS transactions.
It stated that their conduct constitutes an infringement of the law.
This follows the move by operators, under the umbrella of the Association of Mobile Money and Bank Agents in Nigeria, to fix a new price for transactions.
According to the Federal Competition and Consumer Protection Commission, PoS operators that are found in violation of the order will pay N10m for corporate entities and N1m and, or, a prison sentence of up to three months for individuals.
A statement signed by its Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, on Monday, said, “The Commission advises PoS operators that violation of an order of the Commission attracts additional consequences apart from the underlying illegal conduct that is the subject of the order such as up to N10,000,000 for corporate entities; and N1,000,000 and or a prison sentence of up to three months for individuals.”
