Politics
Breaking News: Representatives To Probe Excessive Fees Imposed By Point-Of-Sale (POS) Operators
Breaking News: Representatives To Probe Excessive Fees Imposed By Point-Of-Sale (POS) Operators....KINDLY READ THE FULL STORY HERE▶
The House of Representatives has decided to scrutinize the exorbitant fees charged by Point of Sale (POS) operators for cash withdrawals. The decision to investigate these operators stemmed from a motion introduced by Mohammed Shehu on Thursday…CONTINUE READING
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Expressing concern over the steep charges imposed by POS operators, Mr. Shehu highlighted the alarming trend where some operators charge as much as N4,000 for a N10,000 withdrawal. He emphasized that these operators are effectively selling currency to customers and underscored the government’s authority to regulate their activities.
In his statement, the lawmaker urged the government to leverage its powers under the Central Bank of Nigeria Act of 2007 to oversee commercial banks and provide guidance on financial matters, including the regulation of Point of Sale operators. This, he argued, would instill public confidence and alleviate the financial challenges faced by citizens during transactions in Nigeria.
Following the motion’s presentation, the House unanimously directed its Committees on Banking Regulations and Digital and Electronic Banking to conduct a thorough investigation into the matter.
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Source; Bushradiogist
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