Reps Make Demand to CBN As PoS Operators Announce New Charges for Deposit, Withdrawals

• Members of the House of Representatives want to invite the CBN governor and CEOs of banks over PoS operations in the counry
• The lawmakers express concern about how PoS operators have become a tool for fraudulent activities
• The development follows adjustments by PoS operators to withdrawal and deposit charges as the federal government implements an electronic transfer levy on transactions

Dave Ibemere, a journalist at Legit.ng, has been reporting on business for over ten years. He has deep knowledge of the Nigerian economy, stock market, and general market trends.

The House of Representatives has called for urgent measures to address the challenges posed by undocumented identities of point-of-sale (POS) operators in Nigeria.

The lawmakers have directed its committees on digital and electronic banking, finance, banking regulations, and financial crimes to summon the Central Bank of Nigeria (CBN) Governor, commercial bank heads, and other financial stakeholders.

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The committees have four weeks to present solutions, Punch reports.

Rep. John Okafor (APC, Imo), who sponsored the motion, raised concerns over rising fraud, identity theft, and money laundering linked to unverified POS transactions.

He noted that the lack of proper documentation allows fraudsters to exploit the system, undermining public trust in financial services.

Okafor also emphasised on the need for robust identity verification systems to comply with Nigeria’s anti-money laundering (AML) and Know Your Customer (KYC) regulations.

Vanguard reports that he argued that such measures would deter financial crimes, ensure accountability, and foster trust in Nigeria’s growing cashless economy.

He said:

“Proper documentation is vital to trace illegal activities and protect consumers and businesses."

“This intervention will not only protect consumers and businesses but also enhance trust in our financial system, encouraging more Nigerians to participate in the evolving cashless economy."

PoS operators announce new charges

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In a related development, Legit.ng reported that PoS operators have notified Nigerians that there will be changes in charges for deposits and withdrawals following new electronic levy charges.

The move, they argue, is in response to the charge of N50 for every N10,000 and above on the recipient’s accounts by the federal government.

Adedayo Adeleke PoS operators said that due to the EMTL charges, instead of the usual N100 for N10,000, he will now charge between N125 and N150 for every N10,000.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng