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Lawmaker calls for tougher regulations of POS operators in Nigeria

A member of the House of Representatives, Olajide Jimoh, representing Lagos Mainland, has accused some bank staff of sabotaging ATMs so that POS operators can get patronage.

Jimoh made the allegation in his motion on fraud by POS operators.

In a motion he moved on Thursday, Jimoh called for tougher regulations of POS operators in Nigeria.

He said even though POS provides jobs for millions of Nigerians, many others are cheated and their monies stolen by the operators.

Making reference to a report in a Daily Newspaper, on “allegation by the residents of Aniocha South Local Government Area of Delta State alleging that some banks 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.”

“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.”

Following the motion, the House resolved that the CBN should introduce stringent regulations and guidelines including sanctions on the Point of Sale (POS) business operations in Nigeria.

The House also mandated the Committee on Banking and Currency to organize stakeholders meeting to tackle the menace of the Operation of the Point of Sale System (POS) in Nigeria.

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