POS Operators May Suspend Services Over Exclusivity Issues

The Point of Sale Operators Association has announced a potential suspension of services in Nigeria due to alleged exclusivity practices by Verv and Interswitch. Yomi Idowu, representing the association, stated that a written letter was sent to protest these unlawful practices, which they claim undermine the integrity of Nigeria's payment ecosystem.

The association emphasizes that the actions of Verv and Interswitch violate several regulatory requirements, including the Federal Competition and Consumer Protection Act of 2018 and Central Bank of Nigeria guidelines. They argue that the exclusivity agreements imposed by these companies create a monopoly that adversely affects their operations and the overall market.

The association has expressed that this decision to suspend services has become unavoidable due to the persistent unlawful conduct of the companies involved.