The commission has stated that if these agents are found guilty, they will face sanctions.

This action follows recent announcements made by PoS agents, represented by the Association of Mobile Money and Bank Agents in Nigeria, Lagos Chapter, regarding their intention to increase transaction charges.

Stephen Adeoye, the Public Relations Officer of the Lagos Chapter, has disclosed that PoS agents now have new price lists in the state and are working towards establishing a task force to ensure compliance with the changes.

Adeoye stated, "To enforce this new price list is easy because we have a good relationship with the Lagos State Command, Police Force, and all the DPOs in the area. Very soon a task force will be set up in each zone so that they will work along with it."

The FCCPC, in a statement signed by its Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, emphasized that price fixing is illegal and has detrimental effects on the market, hindering innovation, efficiency, and ultimately impacting consumers negatively. The commission is committed to upholding fair competition and protecting the rights of consumers.

It said, “The Federal Competition & Consumer Protection Act (2018) recognises indeed encourages the prerogative of businesses to organise in and as trade associations for acceptable purposes, such as ensuring and enforcing applicable standards and best practices, as well as a measure of self-regulation within the profession or trade.

“However, the same FCCPA copiously and extensively limits the scope and extent of such collaboration, particularly to exclude coordination with respect to scope or supply of services and price of services.

“The FCCPA expressly prohibits any price-fixing or agreement among undertakings (whether bilaterally or multilaterally) or by undertakings acting in consensus on the platform, or under the aegis of an association to fix prices, coordinate supply or any other commercially sensitive factors that can limit or substantially prevent competition; or otherwise distort the market.”

The commission emphasized that the Federal Competition and Consumer Protection Act (FCCPA) imposes strict penalties for any coordinated or collusive conduct among competitors, including associations. It made it clear that it is prepared to fully enforce the law and take appropriate action.