Banking agents who have defined the emerging Point-of-Sale (PoS) market and the entire payment landscape are facing an existential threat. Merchants are flooding into the territory that used to be dominated by agents, reducing profits and increasing concerns about redundancy in the market.
The banking agents are facing backlash following a decision to increase the fees they charge per PoS transaction. The Federal Competition and Consumer Protection Commission (FCCPC) is leading the charge, demanding a reversal of fee hike and threatening to fine operators as much as N1 million for violation of its cease-and-desist order. Violators of the order also have an option of a three-month prison sentence.
