The Federal Competition and Consumer Protection Commission (FCCPC) says its investigations into the alleged Point of Sale (PoS) operators service charge price-fixing increase is unfounded as the increases are neither a collaborative nor cordinated approach.

Mr Babatunde Irukera, the Executive Vice Chairman of the Commission, said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

Irukera said the commission came to that conclusion after its surveillance and spot checks on members of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN).

According to him, what we have learnt is that this coordinated approach to proceed increase did not occur.

BRANDPOWER reports that FCCPC had threatened to prosecute members of AMMBAN over collaborative price fixing in accordance with the FCCPAct 2018.

The commission also entered an Order and Notice to AMMBAN to desist from the conduct that constituted an infringement of the law.

”I understand price increases are not uniform or coordinated with each other which is what we insisted on.

”We met with the association some days ago, and our people have been embarking on aggressive surveillance and spot checks.

”What we have learned is that this coordinated approach to proceed increase did not occur.

”National executive members of the association also noted that they did not and would not engage in that conduct.

”It will be interesting to discover if this really happened,” Irukera said.

On protecting bank customers from incessant bank charges, Irukera said Banks and other Financial Institutions Act (BOFIA), empowered only the Central Bank of Nigeria (CBN) to regulate banks.

”Under BOFIA, CBN regulates banks to the statutory exclusion of FCCPC,” he said.