If Verve International and Interswitch Limited's alleged exclusivity practice is not promptly addressed by the Central Bank of Nigeria and the FCCPC, the Association of Point of Sale Service Providers {POS} may halt and severely impair banking operations in the nation.

Yomi Idowu, the Association's communications consultant, signed a statement disclosing this information.

Idowu claims that the POS operators have protested the two companies' allegedly ongoing illegal decisions in a letter, pointing out that Verve and Interswitch's actions violate "current 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 they would be forced to halt the acceptance, acquisition, processing, and switching of Verve Card transactions "as representatives" of a coalition made up of multiple Central Bank of Nigeria-licensed payment acceptors/acquirers, processors, and switches.

The Point of Sales Association in the letter was quoted  thus: “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 violate several regulatory  requirements.”