May 30, 2026
The Association of Point of Sale Service Providers {POS} may suspend and cripple banking operations in the Country if The Central Bank of Nigeria and the FCCPC fail to immediately intervene in the alleged exclusivity practice by two companies.
The Association made the disclosure in a statement signed by Yomi Idowu, Communications Consultant to the Association.
According to Idowu, the POS operators have written a letter to protest the alleged persistent unlawful decisions of the two companies , noting that their actions 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 emphasized that ‘As representatives ‘ of coalition comprising several Central Bank of Nigeria Licenced payment acceptors/acquirers, processors and switches they would have no option than to suspend acceptance/acquiring ,processing and switching of Verve Card transactions.
