The House of Representatives has committed to investigating the exorbitant fees imposed by Point of Sale (POS) operators for cash withdrawals. This decision stemmed from a motion submitted by Mohammed Shehu, raising concerns about the high charges levied by these operators. Shehu highlighted the staggering scenario where some POS owners demand N4,000 to withdraw N10,000, emphasizing the need for regulatory intervention.
According to Shehu, the conduct of POS operators essentially amounts to the sale of banknotes to customers. He urged the government to exercise its authority, specifically under the Central Bank of Nigeria Act 2007, to oversee commercial banks and provide guidance on financial matters, including the regulation of POS operators. The motion stressed that such measures are crucial to instill public trust and alleviate the financial burdens faced by Nigerian citizens during transactions.
In response to the compelling presentation, the House directed its Committees on Banking Regulations, and Digital and Electronic Banking to conduct a comprehensive investigation into the matter. This move underscores the lawmakers’ commitment to addressing the pressing issue of excessive fees imposed by POS operators and signals a proactive approach to safeguarding the financial interests of the Nigerian populace.
