Reps to investigate exorbitant charges by POS operators

The House of Representatives has resolved to investigate the exorbitant amount charged by Point of Sale (POS) for the withdrawal of money.

The resolution to probe the operators followed a motion moved by Mohammed Shehu on Thursday.

Mr Shehu lamented the high charges by the operators.

He stated that some POS owners charge as much as N4,000 to withdraw N10,000.

The lawmaker said POS operators are now literally selling bank notes to customers, noting that the government has the power to regulate the activities of the operators.

“There is a need for the government to utilize its relevant authorities under the Central Bank of Nigeria, Act 2007 to supervise Commercial Banks and advise on financial matters, including regulating Point of Sale operators, this will validate public confidence and address the hardships faced by citizens in Nigeria’s financial transactions,” the motion reads in part.

Following the presentation, the House resolved its Committees on Banking Regulations and, Digital and Electronic Banking should investigate.

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