Business
FG to fine PoS operators N1m for illegal pricing
The Federal Government, through the Federal Competition and Consumer Protection Commission, has issued a cease-and-desist order to Point of Sale operators from conduct that constitutes an infringement of the law.
This follows the move by PoS operators, under the umbrella of the Association of Mobile Money and Bank Agents in Nigeria, to fix new prices for PoS transactions.
The new pricing model began on July 17, 2023.
According to the commission, PoS operators that are found in violation of the order will pay N10m for corporate entities and N1m and, or, a prison sentence of up to three months for individuals.
The FCCPC, in a statement signed by its Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, on Monday, 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 has not sought to limit the prerogative 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.
It stated that it respects and encourages a pricing methodology that is the product of market forces in a free, competitive, and undistorted market. However, it said there is no evidence that the PoS market lacks sufficient players or competition in Lagos or anywhere else.
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 constitutes an infringement of the law.”
It said the ONC had been served on AMMBAN. It was also noted that not all members can be personally served or will 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 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 had tried the cautious and collaborative approach but has now adopted the ONC to convey its will to enforce the law, including, and up to prosecuting 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.”
Business
ALTON Confirms Banks cleared N300bn USSD debts
The debt problem that had lingered for over four years was resolved through the intervention of the NCC under the leadership of its Executive Vice Chairman, Dr. Aminu Maida.
The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has confirmed that Deposits Money Banks (DMBs) have paid the estimated N300 billion debts they owed telecom operators for Unstructured Supplementary Service Data (USSD) services.
ALTON Chairman, Engr. Gbenga Adebayo disclosed this yesterday during the group’s official visit to the Board Chairman of the Nigerian Communications Commission (NCC), Idris Olorunnimbe in Lagos.
According to Adebayo, paying off the debt brought to a close years of accusations and counter-accusations between the banks and telecom operators.
Adebayo said that the debt problem that had lingered for over four years was resolved through the intervention of the NCC under the leadership of its Executive Vice Chairman, Dr. Aminu Maida.
While commending the leadership of the NCC for their recent interventions including the approval of 50 percent end user tariff adjustment last year, Adebayo said the Commission has steered the ship of the sector through one of its most delicate periods.
“When Dr. Maida assumed office, he inherited significant industry challenges. One of the most difficult was the USSD debt crisis — a debt burden that grew over four years to nearly N300 billion. It had become a systemic risk to our sector and the digital financial ecosystem.
“Through firm leadership, structured engagement, and decisive coordination, Dr. Maida and his team resolved this issue.
“Today, there is no outstanding USSD debt. The ecosystem has fully migrated to end-user billing. What was once a looming crisis has been converted into a sustainable framework,” Adebayo stated.
Business
FAAN stops cash collection at airports nationwide
Beyond compliance with government policy, the MD/CE highlighted the enormous benefits of a cashless system to the aviation ecosystem, including reduction in leakages, improved transaction traceability, faster service delivery, and enhanced public confidence in airport operations.
•FAAN MD, Mrs Olubunmi Kuku
Federal Airports Authority of Nigeria (FAAN) will stop collecting cash across all airport payment points nationwide, effective February 28, 2026.
FAAN Managing Director, Mrs. Olubunmi Kuku, stated this during a visit by executives and members of the National Union of Air Transport Employees (NUATE), who sought clarification on the decision to discontinue cash transactions at airports.
In her address, the MD/CE emphasised that the transition to a cashless system is not only in line with global best practices in aviation management but also consistent with Federal Government’s directives aimed at enhancing transparency, accountability, and operational efficiency.
She referenced a Treasury Circular dated November 24, 2025, issued by the Office of the Accountant General of the Federation and signed by the Accountant-General, Shamseldeen Ogunjimi, mandating the cessation of cash transactions in all government dealings.
The directive followed approval by the Federal Executive Council for Ministries, Departments and Agencies (MDAs) to discontinue physical cash collections and payments as part of broader public finance reforms
“There is no going back on this decision,” she said, stressing that the cashless initiative aligns FAAN with national financial management reforms while positioning Nigeria’s airports for greater operational integrity, improved service delivery, and stronger revenue assurance.
Beyond compliance with government policy, the MD/CE highlighted the enormous benefits of a cashless system to the aviation ecosystem, including reduction in leakages, improved transaction traceability, faster service delivery, and enhanced public confidence in airport operations.
Business
CBN’s Cardoso Advocates cross-border payments reform at G-24 meeting
“With global remittance corridors costing over 6.0 percent, settlement lags of several days, and compliance burdens that exclude MSMEs, millions remain disconnected from global opportunity.”
Olayemi Cardoso, governor, Central Bank of Nigeria (CBN) has called for reforming cross-border payments system , asserting that its too inefficient to support inclusive growth in developing economies.
Cardoso made the call on Thursday during the G-24 Technical Group Meetings in Abuja, warning that high costs and settlement delays are shutting millions out of global trade and finance.
” It is not merely a technical upgrade but a macroeconomic priority, as the channels through which capital, remittances and trade flow increasingly shape financial stability”,said Cardoso.
He emphasised that payment systems now sit at the heart of global economic integration and financial stability, but remain structurally biased against emerging and developing markets.
“Today, cross-border payments remain too slow, too costly, and too fragmented, especially for developing economies,” Cardoso said.
“With global remittance corridors costing over 6.0 percent, settlement lags of several days, and compliance burdens that exclude MSMEs, millions remain disconnected from global opportunity.”
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