CBN to sanction Super Agents over PoS operators’ arbitrary charges

The Central Bank of Nigeria (CBN) will sanction Super Agents over the activities of Point of Sales (PoS) operators should they breach the guidelines of their license.

According to the CBN acting governor, Folashodun Shonubi, on Tuesday, the apex bank doesn’t deal directly with the PoS agents.

He said the activities regulated by the CBN are that of the Super Agents, under which the PoS agents operate. As a result, Super Agents will be sanctioned for the offences of the PoS operators.

The PoS agents have been in the news recently over their decision to raise charges on transactions following the hike in the cost of living, which is driven by an increase in prices of fuel, from N189 per litre to N580.

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In his statement about the attempt of the PoS operators to review their transaction charges, Shonubi explained that the CBN’s model runs in a way that “we do not deal directly with POs operators, we have companies we license, which are super agents, who have PoS.

“We have regulated prices with super agents and it’s their responsibility to enforce them, we have informed the super agents of the operators, and where we find agents responsible for actions not in line with their license, we sanction super agents,” he said.

PoS operators have been facing pushback from the Federal Government’s agency, the Federal Competition and Consumer Protection Commission (FCCPC), which accused them of fixing prices rather than allowing market forces or competition to determine the hike.

FCCPC threatened to fine companies involved in the arbitrary charges N10 million, while individuals will be fined N1 million and risk three months jail term.

“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.”

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