OrderPaperToday – The House of Representatives has urged the Central Bank of Nigeria (CBN) to introduce stringent Regulations and Guidelines for the Point of Sale (POS) business operations in Nigeria.

The resolution followed a motion raised during Thursday’s plenary by Jimoh Olajide Abdul, Member representing Lagos Mainland Federal Constituency.

Explaining the motion, Olajide noted that the Point of Sale System (POS) is where customers make payments for products or services rendered.

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He explained that due to many factors, the Point of Sale (POS) has been turned into a lucrative business in Nigeria and has provided jobs for millions of unemployed Nigerians that see it as a good alternative to white-collar jobs in the country.

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The lawmaker noted that while many Nigerians are making legal money from this lucrative business, some are using it for fraudulent acts to create fake credit alerts and defraud innocent customers; hence the need for government intervention to rescue the rising business sector in the country.

He expressed worries that the Point of Sale (POS) merchants in Nigeria are not only licensed by Commercial Banks, other Private Companies are currently in the business of giving out Point of Sale (POS) for business purposes thus making the business to be more porous and ambiguous.

He raised concern that presently, no financial regulatory bodies in Nigeria can precisely ascertain the total number of Point of Sale (POS) Machines and their Operators in the country.

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According to him, on 21 December 2021, the Punch Newspaper reported an allegation by residents of Aniocha South Local Government Area of Delta State that the Aniocha branch of Union Bank and First Bank Staff deliberately sabotaged the Bank’s Automated Teller Machines (ATM) on non-availability of cash.

This he said, leaves customers with no choice than patronising POS Centres around the Banks which are allegedly owned by Staff members.

“In exercising the powers conferred on the CBN by the Central Bank of Nigeria Act 2007 (as amended) to issue guidelines, rules, and standards for financial services to the public and to ensure good conduct and management of the financial system, the apex bank had released Automated Teller Machine (ATM) guidelines and regulations which include among other things, that any institution operating an ATM shall file an updated list of such ATMs, including the detailed location of their addresses with the Banking and Payments System Department of the Central Bank of Nigeria for compliance and monitoring,” Olajide stressed.

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The Lagos lawmaker is, therefore, worried that some of the POS operators fraudulently charge exorbitant amounts of money from their customers’ bank accounts, while some retain vital information from customers’ ATM cards in the course of making the financial transactions.

In its effort at tackling the menace of the Operation of the Point of Sale System (POS) in Nigeria, the House mandated its Committee on Banking and Currency to organise a stakeholders meeting.

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