In a decisive move, the House of Representatives on Thursday, December 21, unanimously passed a motion calling for stringent regulations on Point-of-Sale (POS) operators in Nigeria.
The focus of the motion was to cease the sale of naira notes by these operators and eliminate excessive charges levied on customers, addressing growing concerns over alleged malpractices.
The motion, titled “Need to Curb the Sale of Naira Notes by Point-of-Sales (POS) Operators in Nigeria,” was presented by Hon. Mohammed Dan Abba Shehu.
It prompted the House to direct the Committees on Banking Regulations, Digital, and Electronic Banking to summon the Minister of Finance and National Planning, along with the Governor of the Central Bank of Nigeria (CBN).
The objective is to seek clarifications on the reported non-payment to customers by commercial banks via counter transactions and ATMs.
Recognizing the vital role of POS machines in easing financial transactions in Nigerian Commercial Banks, the House emphasized their transformative impact on the country’s financial sector.
Initially introduced to address banking challenges faced by the public, these machines have played a significant role in facilitating transactions.
Drawing parallels with advanced economies such as the US, UK, and South Africa, the House emphasized the positive role of POS machines in fostering financial transformation without manipulation.
In Nigeria, the adoption of this technology aimed to mitigate transactional challenges and enhance easier access to funds for customers.
Expressing deep concern over the prevailing situation, the House noted reports of POS operators selling naira notes at inflated prices, causing distress among citizens already grappling with economic hardships.
Instances were cited where N1,000 notes were allegedly sold for N300 to N400, and N10,000 notes reportedly fetched N4,000, significantly impacting citizens’ financial transactions.
Given the regulatory authority vested in the Central Bank of Nigeria under the Central Bank of Nigeria Act 2007, the House stressed the urgent need for robust supervision of commercial banks and the regulation of POS operators.
The primary focus is on restoring public confidence and addressing the financial hardships faced by citizens during transactions within the country.
This move underscores the commitment of the House of Representatives to ensuring a fair and transparent financial system for all citizens.
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