The Federal Competition and Consumer Protection Commission, FCCPC, says POS operators found guilty of illegal charges will be fined one million naira.
The commission in a statement said POS operators that are found in violation of the order will pay N10m for corporate entities and N1m for individuals, including a prison sentence of up three months.
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.
