The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has responded to allegations of anti-competitive conduct made by the Federal Competition and Consumer Protection Commission (FCCPC), clarifying that they did not fix new point-of-sale (POS) prices.
In a statement, Victor Olojo, the President of AMMBAN, stated that the association had only released a price guide for its members and not fixed prices. He emphasized that AMMBAN has been operating in compliance with the law for over a decade, safeguarding the rights and interests of mobile money and bank agents across the country.
"We are not engaged in any price war. AMMBAN is a self-regulatory body, and we don't have the authority to fix prices. What was released by our state chapter was merely a price guide, advising our agents not to charge beyond the specified fees. It is not price fixing," Olojo clarified.
AMMBAN asserted that the issue of POS price increase is not as serious as portrayed, and they have addressed the matter with the FCCPC in a letter, explaining their position. As an association representing mobile money and bank agents, AMMBAN aims to serve Nigerians and contribute to the financial inclusion agenda of the federal government.
Highlighting their achievements, AMMBAN cited that in 2021, they processed over N6.4 trillion in transactions through POS, and the subsequent years have shown even better results with over 1.6 million POS agents.
Regarding the role of the FCCPC, AMMBAN acknowledged the commission's responsibility to protect the interests of Nigerians but emphasized that it cannot be present in over 1.6 million locations across the country. The association urged all stakeholders, including FCCPC, operators, banks, agents, and themselves, to engage in discussions rather than resorting to intimidation.
AMMBAN stressed that the FCCPC cannot compel agents to carry out transactions at prices that do not cover the operational costs of their businesses. They pointed out the changes in various costs like fuel, transportation, and food prices, indicating that the FCCPC cannot force enterprises to sell at a loss.
To ensure uniformity in pricing, AMMBAN is holding meetings with its Lagos chapter, proposing that transactions below N5000 should not exceed N100 in service charge, while those above N5000 should not exceed N200. The association aims to strike a balance that is beneficial for all stakeholders involved.
