See more Reps 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
• The lawmakers express concern about how PoS operators have become a tool for fraudulent activities
• The move comes as PoS operators make adjustments to withdrawal and deposit charges as FG begins 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 in point-of-sale (POS) transactions in Nigeria.

The lawmakers 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.

PoS transaction's frequent fraud issues is a concern for lawmakers Photo credit: Philip Ojisua
Source: Getty Images

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

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

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

In a related development, Legit.ng reported that PoS operators have notified Nigerians that they have increased their charges due to the N50 EMTL deductions by fintech platforms

The EMTL was ordered by the Federal Inland Revenue Service (FIRS) on behalf of the Nigerian government and aligns with the 2020 Finance Act.

Fintech platforms say that the move aligns with the Stamp Duty Ac, asking them to charge N50 for every N10,000 and above on the recipient’s accounts.

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.

Source: Legit.ng