The House of Representatives has decided to launch an investigation into the excessive fees imposed by Point of Sale (POS) services for cash withdrawals.
This decision stems from a motion put forth by Mohammed Shehu on Thursday, where he expressed concern over the exorbitant charges levied by these operators.
Shehu highlighted instances where some POS owners demand as high as N4,000 to withdraw N10,000.
He pointed out that such practices essentially equate to POS operators selling currency to customers and emphasized the government’s authority to regulate their activities.
“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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