The House of Representatives in Nigeria has decided to launch an investigation into the excessive fees charged by Point of Sale (POS) operators for cash withdrawals.InformationGuideNigeria
This decision came after a motion was presented by lawmaker Mohammed Shehu during a session on Thursday.
Expressing his concerns, Mr. Shehu highlighted the exorbitant charges imposed by some POS operators, citing an instance where customers are charged as much as N4,000 for withdrawing N10,000.JAMB Result
This rate of charges significantly surpasses standard transaction fees and has raised concerns about the exploitation of customers.NYSC Portal
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Mr. Shehu also pointed out that POS operators are, in effect, selling bank notes to customers at inflated rates.
He emphasized that the government has the authority and responsibility to regulate the activities of these operators to ensure fair practices and protect consumers from undue financial burdens.JAMB Portal
“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 in part.
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