The Association of Mobile Money and Bank Agents in Nigeria has said they will go ahead with the implementation of new prices on withdrawal service charges starting from Monday irrespective of the current economic conditions.

It could be recalled that the association had indicated plans to extend the implementation of the new price range to the Federal Capital Territory and other states.

The news of the proposed increment received a lot of criticism and public outcry from the citizenry. However, the association said there won’t be a change of plans.

The raise in charges also elicited  threats of sanctions by the Federal Competition and Consumer Protection Commission and the Central Bank’s promise to intervene.

The PUNCH reported that on June 30, the PRO, AMMBAN, Lagos Chapter, Stephen Adeoye, in an interview, said the association had come up with a new price list for POS agents operating in the state.

Justifying the increase in prices, he said POS agents were adjusting their prices to reflect the country’s current economic realities.

But speaking in an interview, the National publicity secretary of the association, Elegbede Segun, said the threats of sanctions were only on the pages of newspapers, adding that the association was well prepared to commence implementation.

“The reactions you have seen are just on the pages of newspapers, as far as the central bank and FCCPC is concerned,” Elegbede said on Friday.