The House of Representatives has taken a decisive step to investigate the exorbitant charges imposed by Point of Sale (POS) operators for money withdrawal. The resolution, prompted by a motion from Mohammed Shehu, addresses the growing concern of high fees levied on transactions.
Shehu expressed dismay over the steep charges, citing instances where POS operators demanded as much as N4,000 for a N10,000 withdrawal. He characterized this practice as akin to selling banknotes to customers and stressed the need for government intervention to regulate these activities.
The lawmaker emphasized that the government possesses the authority, under the Central Bank of Nigeria Act 2007, to supervise commercial banks and provide guidance on financial matters, including the regulation of POS operators. He argued that such regulatory measures would instill public confidence and alleviate the financial burdens faced by citizens in their transactions.
In response to the motion, the House of Representatives has directed its Committees on Banking Regulations and Digital and Electronic Banking to conduct an investigation into the matter. The aim is to scrutinize the practices of POS operators and propose appropriate regulatory measures to ensure fair and reasonable charges for financial transactions in the country.
