The House of Representatives summons the CBN and banks over concerns about unverified POS operators across Nigeria.
The Nigerian House of Representatives has decided to summon Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), along with the Chief Executive Officers of commercial banks, to discuss the inadequate documentation of Point of Sale (POS) users nationwide.
This resolution emerged from a motion introduced by John Okafor, the representative for Ehime/Mbano/Uboma/Obowo Federal Constituency in Imo State, during a plenary session on Wednesday.
Okafor pointed out the escalating issues linked to the undocumented identities of POS users, which create significant obstacles for security and financial regulations.
He urged his fellow lawmakers to endorse the motion, stressing the necessity for a unified approach to address the issue.
He noted that there have been instances of fraudulent activities associated with POS users, asserting the urgent need to combat such illegal practices to protect the integrity of financial transactions in Nigeria.
He remarked that the House recognizes that undocumented POS transactions present a vulnerability to fraud, including identity theft and money laundering.
By mandating the documentation of users’ identities, the prevalence of fraud could be substantially diminished, thereby enhancing the security of financial transactions in the country.
Furthermore, he emphasized that proper documentation would promote accountability among operators and users, facilitating the tracing of transactions back to individuals and holding them responsible for any illicit activities.
In a critical remark directed at the apex bank, the All Progressives Congress lawmaker highlighted what he termed regulatory bias and enforcement challenges faced by relevant authorities.
He called for immediate action to prevent this troubling situation and to protect Nigerians from criminal exploitation through the POS system.
