By Miracle Ogunde
The House of Representatives has set up a committee to investigate the exorbitant fees charged by Point of Sale (POS) for withdrawal of money.
The resolution for the investigation was reached following a motion moved by Mohammed Shehu, during plenary on Thursday.
Shehu decried the high charges by the operators, saying some POS owners charge as much as N4,000 to withdraw N10,000.
He said POS operators are now literally selling bank notes to customers, emphasizing that the government has the power to regulate the activities of the operators.
“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.
Following the adoption of the motion, the House resolved its Committees on Banking Regulations and, Digital and Electronic Banking should investigate.
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