POS Operators in Nigeria Threaten Nationwide Service Shutdown

The POS Operators Association in Nigeria has announced plans to suspend services nationwide if urgent action is not taken by the Central Bank of Nigeria (CBN) and the Federal Competition and Consumer Protection Commission (FCCPC). The association cites regulatory failures and anti-competitive practices within the country's card payment system as primary concerns.

They have accused two companies of violating existing regulations governing electronic payment and fair competition, which has led to a growing threat to the stability of Nigeria's electronic payment sector. The association, represented by Yomi Idowu, claims that the conduct of these companies undermines confidence in the payment industry and creates an uneven business environment.

They allege that these companies maintain exclusive control over the processing of transactions, limiting competition and imposing unauthorized fees. The association warns that unless regulatory intervention occurs swiftly, they will have no choice but to halt services linked to card transactions, impacting millions of customers and merchants reliant on daily business activities.