By The House of Representatives has urged the Central Bank of Nigeria (CBN) to introduce stringent regulations and guidelines including sanctions on the Point of Sale (POS) business operations in Nigeria.
This resolution followed the adoption of a motion by the member representing Lagos Mainland Federal constituency, Hon. Jimoh Abdulraheem Olajide, and seconded by Rep. Muraina Ajibola.
At Wednesday’s plenary session, the House also mandated the Committee on Banking and Currency to organize a stakeholders’ meeting for the purpose of tackling the menace of the operations of the Point of Sale System (POS) in the country.
The green noted that the existence of POS service has created provided jobs for millions of unemployed Nigerians. However, there are concerns over those using the business for fraudulent purposes.
The lawmakers worried that the Point of Sale (POS) merchants in Nigeria are not only licensed by commercial banks, other private companies are currently in the business of giving out POS machines for business purposes without proper regulations.
The House was concerned that no financial regulatory bodies in Nigeria can precisely ascertain the total number of Point of Sale (POS) machines and their operators in the country, hence the need for government intervention to rescue the rising business sector.
