Members of the House of Representatives, has decided to inquire into the excessive fees imposed by Point of Sale (POS) for cash withdrawals across Nigeria.
The decision to investigate the operators was initiated by one of the lawmakers, Mohammed Shehu, during a session on Thursday.
Shehu expressed his dissatisfaction with the exorbitant charges levied by the operators.
He highlighted that certain POS owners demand a staggering N4,000 for a N10,000 withdrawal.
The lawmaker emphasized that POS operators are essentially selling currency to customers, and stressed that the government possesses the authority to regulate their operations.
“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.
Following the presentation, the House resolved its Committees on Banking Regulations and Digital and Electronic Banking should investigate.
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