The Association of Point of Sale Service Providers (POS) may suspend their services in the country if the Central Bank of Nigeria (CBN) and the FCCPC fail to intervene in the alleged exclusivity practice by Verve International and Interswitch Limited.
The association made the disclosure in a statement signed by Yomi Idowu, its Communications Consultant.
According to Idowu, the POS operators have written a letter to protest the alleged persistent unlawful decisions of the two companies, noting that the actions of Verve and Interswitch, negate ‘extant rules and regulations of the Central Bank of Nigeria (CBN} and the Federal Competition and Consumer Protection Act (FCCPC), 2018.
The Association of POS Service Providers emphasised that “As representatives of coalition comprising several Central Bank of Nigeria Licensed payment acceptors/acquirers, processors and switches they would have no option than to suspend acceptance/acquiring, processing and switching of Verve Card transactions.”
The Point of Sales Association in the letter was quoted thus that “This decision has become unavoidable due to the persistent and escalating unlawful conduct of Verve International (Verve) and Interswitch Limited (Interswitch),” which according to the Association jointly undermine “The integrity of Nigeria’s payments ecosystem, erode the capital base of participating Institutions and violates several regulatory requirements.”
