The House of Representatives has resolved to investigate the outrageous fee that Point of Sale (POS) systems impose for cash withdrawals.
A motion was filed on Thursday by Mohammed Shehu followed by the decision to investigate the operators.
Mr. Shehu expressed regret about the operators’ exorbitant fees.
According to him, some point-of-sale owners charge N4,000 or more for a N10,000 withdrawal.
The senator said that POS operators are now really selling clients bank notes, and he or she pointed out that the government has the authority to control the operators’ operations.
Part of the motion is read:
“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 House decided after the presentation that the Committees on Banking Regulations and Digital and Electronic Banking should look into these issues.
cc: Daily Post Ng
