The Association of Point of Sale Service Providers (POS) may suspend and cripple banking operations in the country if The Central Bank of Nigeria (CBN) and the FCCPC fail to immediately intervene in the alleged exclusivity practice by Verve International and Interswitch Limited.

The Association made the disclosure in a statement signed by its Communications Consultant, Yomi Idowu. 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 CBN and the FCCPC Act, 2018.

The Association emphasized that “As representatives of coalition, comprising several CBN 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 Association said “This decision has become unavoidable due to the persistent and escalating unlawful conduct of Verve International (Verve) and Interswitch Limited, which according to it, jointly undermine “The integrity of Nigeria’s payments ecosystem, erode the capital base of participating Institutions and violates several regulatory requirements.”