By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Theview NewsTheview News
  • Home
  • Sport
  • Politics
  • Entertainment
  • Business
  • Crime
  • Opinion
  • About us
  • Contact
Reading: House wants CBN to introduce stringent regulations for POS business
Share
Notification Show More
Latest News
Sit-at-home has ended in South-East, says COAS
Uncategorized
Presidential Tribunal Ruling Has Weakened Nigeria’s Electoral Act, ICT Reforms By Allowing INEC To Use ‘Human Discretion’ To Transmit Results – Civil Society Situation Room
Election
Former RCCG Pastor, Ghandi Laoye Installed As Monarch In Ogbomoso To Spend Seven Days In Traditional Rites
News Politics
Go And Rest, Allow Young Nigerians To Lead PDP, Olayinka Tells Atiku
Politics
Go And Rest, Allow Young Nigerians To Lead PDP, Olayinka Tells Atiku
Uncategorized
Aa
Theview NewsTheview News
Aa
  • Economics
  • Politics
  • Pursuits
  • Business
  • Science
  • Technology
  • Fashion
  • Home
  • Sport
  • Politics
  • Entertainment
  • Business
  • Crime
  • Opinion
  • About us
  • Contact
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Theview News > Blog > Business > House wants CBN to introduce stringent regulations for POS business
Business

House wants CBN to introduce stringent regulations for POS business

admin
Last updated: 2022/10/28 at 10:29 AM
admin 2 years ago
Share
SHARE

The House of Representatives has called on the Central Bank of Nigeria (CBN) to put in place stringent measures to regulate the Point of Sale (POS) business Operations in Nigeria.

Moving the motion at the plenary on Thursday, Hon. Jimoh Olajide said the POS is where customers make payments for products or services rendered.

He said due to many factors, POS has been turned into a lucrative business in Nigeria and has provided jobs for millions of unemployed Nigerians that see it as a good alternative to white-collar jobs in the country.

Olajide said, “While many Nigerians are making legal money from this lucrative business, some are using it for fraudulent acts to create fake credit alerts to defraud innocent customers hence the need for government intervention to rescue the rising business sector in the country.”

The lawmaker expressed worry that POS merchants in Nigeria are not only licensed by Commercial Banks, but that other Private Companies are currently in the business of giving POS for business purposes, thus, making the business to be more porous and ambiguous.

Olajide argued that at the moment, no financial regulatory bodies in Nigeria can precisely ascertain the total number of POS machines and their Operators in the country.

He recalled that on December 21, 2021, a national daily reported an allegation by the residents of Aniocha South Local Government Area of Delta State alleging that the Aniocha branch’s Union Bank and First Bank Staff deliberately sabotaged the Banks Automated Teller Machines (ATM) on non-availability of cash, thus leaving customers with no choice to patronize the alleged Banks Staff owned POS Centres around the Banks.

Olajide expressed worry that “some of the POS operators fraudulently charge exorbitant amounts of money from their customers’ bank accounts, while some retain vital information from customer’s ATM cards in the course of making the financial transactions. ”

The House urged, “the Central Bank of Nigeria (CBN) to, in the public interest, introduce stringent Regulations and Guidelines including sanctions on the Point of Sale (POS) business operations in Nigeria.”

It also mandated its Committee on Banking and Currency to organise stakeholders meeting for the purpose of tackling the menace of the Operation of POS in Nigeria.

You Might Also Like

Go after bandits, terrorists, not those keeping afro – Shehu Sani tells Sharia Police

God isn’t happy with Nigeria’s situation – Gani Adams

FG speaks on allowing Nigerians to join war in Ukraine

2023 presidency: Catholic Bishops advise Nigerians on competence

TAGGED: FG
admin March 4, 2022
Share this Article
Facebook Twitter Email Print
Previous Article Nigeria vs Ghana: Super Eagles announce squad for 2022 World Cup qualifier
Next Article Prices of bread will be affected by Russia-Ukraine war – Okonjo-Iweala warns
Leave a comment

Leave a Reply Cancel reply

Social connect:

Your email address will not be published. Required fields are marked *

about us

The View Magazine has been in existence since 2010, consistently doing what we know how to do best, disseminating information for the consumption of the general public.

Find Us on Socials

© TheviewNews. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back to Theview News !

Sign in to your account

Lost your password?