{"id":156756,"date":"2022-03-03T20:56:04","date_gmt":"2022-03-03T19:56:04","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=156756"},"modified":"2022-03-03T21:10:52","modified_gmt":"2022-03-03T20:10:52","slug":"impose-stringent-regulation-on-pos-operators-reps-tell-cbn","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/03\/03\/impose-stringent-regulation-on-pos-operators-reps-tell-cbn\/","title":{"rendered":"Impose stringent regulation on POS operators, Reps tell CBN"},"content":{"rendered":"<p>The House of Representatives has called on the Central Bank of Nigeria (CBN) to introduce &#8220;stringent regulations&#8221; on the operators of point of sale (POS) business in the country.<\/p>\n<p>The resolution was passed by the legislators<span data-preserver-spaces=\"true\">\u00a0during a plenary session on Thursday following the adoption of a motion sponsored by Jimoh Olajide, a lawmaker from Lagos state.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Speaking on the motion, Olajide said POS businesses are now used to perpetrate fraud.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He called for the need to have strict regulations on POS operators in the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe point of sale system is where customers make payments for products or services rendered but due to many factors, the point of sale <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/03\/02\/mexico-declines-to-impose-economic-sanctions-on-russia\/\">(POS)<\/a> has been turned into a lucrative business in Nigeria and has provided jobs for millions of unemployed Nigerians that see it as a good alternative to white-collar jobs in the country,\u201d he said.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWhile many Nigerians are making legal money from this lucrative business, some are using it for fraudulent acts to create fake credit alerts to defraud innocent customers hence the need for government intervention to rescue the rising business sector in the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe point of sale (POS) merchants in Nigeria are not only licensed by commercial banks, others, private companies are currently in the business of giving out point of sale (POS) for business purposes thus making the <\/span><span data-preserver-spaces=\"true\">business to be more porous and ambiguous.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cPresently, no financial regulatory bodies in Nigeria can precisely ascertain the total number of point of sale (POS) machines and their operators in the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cSome of the POS operators fraudulently charge exorbitant amounts of money from their customers\u2019 bank accounts, while some retain vital information from customer\u2019s ATM cards in the course of making the financial transactions.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The motion was unanimously adopted after it was put to a voice vote by Idris Wase, the presiding officer.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The parliamentarians mandated the committee on banking and currency to organise a stakeholders\u2019 meeting to address the menace.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The House of Representatives has called on the Central Bank of Nigeria (CBN) to introduce &#8220;stringent regulations&#8221; on the operators of point of sale (POS) business in the country. The resolution was passed by the legislators\u00a0during a plenary session on Thursday following the adoption of a motion sponsored by Jimoh Olajide, a lawmaker from Lagos [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":156758,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[658,2229,31571,3743],"class_list":["post-156756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbn","tag-house-of-reps","tag-jimoh-olajide","tag-pos-operators"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Impose stringent regulation on POS operators, Reps tell 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