The House of Representatives has taken a decisive step to scrutinize the excessively high fees imposed by Point of Sale (POS) services for cash withdrawals.
This investigative initiative emerged from a motion presented by Mohammed Shehu during Thursday’s session.
Expressing concern over the exorbitant charges levied by POS operators, Mr. Shehu highlighted the issue, emphasizing that certain operators charge as exorbitant as N4,000 for a N10,000 withdrawal.
He underscored the alarming trend of POS operators essentially vending bank notes to customers and stressed the need for governmental intervention to regulate their activities.
“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.
