Business
PoS Operators Risk N10m Fine Or Imprisonment For Price Fixing
The Federal Competition and Consumer Protection Commission (FCCPC) has said Point of Sale (PoS) operators caught for price fixing risk three months jail term or N10million fine.
FCCPC, therefore, issued an order of cease-and-desist to PoS operators against any conduct that constitutes an infringement on the law.
PoS operators under the umbrella of the Association of Mobile Money and Bank Agents Nigeria (AMMBAN) fixed new prices for PoS transactions on July 17.
According to the commission, PoS operators that are found in violation of the order will pay N10million for corporate entities, and N1million and or a prison sentence of up to three months for individuals.
In a statement signed by its Executive Vice Chairman/Chief Executive Officer, Babatunde Irukera, on Monday, FCCPC 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”.
The commission noted that it was not seeking to limit the ability of PoS service providers to determine and set prices for services in a manner of their choosing, subject to Section 127 of the Federal Competition and Consumer Protection Act 2018, which prohibits manifestly unjust or exploitative prices.
According to the commission, it respects and encourages a pricing methodology that is the product of market forces in a free, competitive, and undistorted market.
It, however, noted it was against price fixing that did not provide the consumer with choices.
The commission said, “While the commission continues to provide consideration to, and for small businesses, enforcing the law must remain non-negotiable.
“Accordingly, the commission in escalating this in accordance with the FCCPA and ancillary instruments, has entered an Order & Notice (ONC) of the Commission to AMMBAN, persons identified as executives, members, and non-member PoS operators to Cease and Desist from conduct that constitute an infringement of the law”.
It said the ONC had been served on AMMBAN, adding that not all members could be personally served or would become aware through service on AMMBAN.
It further stated, “In addition, some persons such as non-AMMBAN members may become subject to the ONC.
“Accordingly, the commission has, and is by this again publicly disseminating the ONC. Members are, however, invited to consider the sufficiency of service of the ONC under Section 158(4) of the FCCPA, which deems such service on their association or executives as adequate and acceptable”.
According to the commission, it has tried the cautious and collaborative approach but has now adopted the ONC to convey its will to enforce the law.
It asserted that it would not hesitate to prosecute violators and affiliates who may otherwise be statutorily liable for the conduct of a violating company or business.
It added, “In addition to stipulated statutory consequences, although the commission prefers not to disrupt the business and operations of small enterprises, it will, (if it becomes necessary) prohibit merchant services and privileges to PoS operators or AMMBAN members who persist in conduct that is inconsistent with law and economic efficiency”.
Commenting on this development, the National President of the Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo, told The Tide’s source that the association had not fixed any price.
According to him, the association only released a price guide to prevent agents from taking advantage of Nigerians.
He noted that AMMBAN had received its letter from the FCCPC and had responded accordingly.
He said, “We have over 1.6 million PoS agents, whose cause remains to serve Nigerians. We are not in a price war. We are a self-regulatory body; we only regulate ourselves, and we don’t fix prices.
“What was released by the state chapter was a price guide and not any fixing of prices.
“In fact, the operators we have in Nigeria are in a free market. What was released was a price cap. We advised our agents not to charge beyond that. AMMBAN does not have any regulatory power. We are just an association”.
Olojo noted that AMMBAN has written to the FCCPC and explained its position.
He said, “We are not also taking out the fact that prices cannot remain the same. Fuel price is not the same; transportation price is not the same.
“There is nothing that is the same. So, the FCCPC cannot force an enterprise to sell at a loss. I think their interest is whether we are fixing prices, and AMMBAN is not fixing prices and we are advising our members to remain competitive without charging beyond a certain point”.
He further stated that the association was committed and open to working with the Federal Government and its institutions.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter