The Central Bank of Nigeria (CBN) has issued a warning to Super Agents, stating that they will face sanctions if Point of Sale (PoS) operators under their jurisdiction violate licensing guidelines. Acting CBN Governor, Folashodun Shonubi, clarified that the bank does not directly regulate PoS operators but deals with licensed companies that have PoS services.
Shonubi made this statement during the CBN’s Monetary Policy Committee meeting, highlighting that the responsibility of enforcing regulated prices rests with the Super Agents. The CBN has informed the Super Agents about their role in ensuring compliance, and any agents found to be acting outside the confines of their license will face sanctions.
Recently, PoS operators have faced criticism from the Federal Competition and Consumer Protection Commission (FCCPC) for allegedly engaging in price fixing instead of allowing market forces to determine transaction charges. The FCCPC has threatened operators with fines and jail terms if they implement any price hikes.
It is worth noting that in April 2023, Airtel Mobile Commerce Nigeria Ltd, a subsidiary of Airtel Africa, was awarded a full super-agent license by the CBN to operate as an agency network. This move comes after MTN Nigeria obtained final approval from the CBN to operate as a Payment Service Bank.
Super Agents are businesses licensed by the CBN to recruit agents for agency banking, with the aim of increasing financial inclusion by providing financial services on behalf of banks to communities.
In response to the concerns surrounding the implementation of higher charges for PoS transactions, the FCCPC has banned PoS operators from enforcing these new charges. The CBN has expressed its intention to intervene in addressing this issue.
This news highlights the ongoing developments and regulatory measures being taken by the CBN and FCCPC to ensure fair practices and compliance within the PoS industry in Nigeria. By enforcing regulations and addressing concerns, these regulatory bodies aim to protect consumers and maintain a transparent and competitive market in the country.
