Following reports of arbitrary exploitation by Point of Sale (PoS) operators, Vice President Kashim Shettima has called on the Central Bank of Nigeria (CBN) and commercial banks to address the issue nationwide.
Shettima conveyed this through the Special Adviser to the President on Economic Matters, Dr. Tope Fasua, during the 2024 Annual Bankers’ Committee Retreat in Abuja on Friday.
The Vice President also urged the CBN to take decisive actions to curb exploitative practices within the banking sector while encouraging banks to promote fairness and transparency in PoS charges.
He said, “We would like to strongly appeal to the committee to urgently address thorny issues in the sector, some of which are hindering efforts toward financial and economic inclusion.
“Nigerians complain bitterly about being unable to access even minimal cash when most needed. There appears to be some moral hazard and adverse selection problems with the involvement of street-side PoS merchants.
“Nigerians complain about high and arbitrary charges and exploitation by rogue agents, which we are confident you will tackle with concerted efforts.”
Reports indicate that many residents across the country have expressed frustration over excessive PoS charges and the unavailability of cash at ATMs.
One customer, Pastor Dominic Igri from Cross River State, lamented that banks appear to collaborate with PoS operators.
He said, “I bought N10,000 for N2,000 during the obnoxious naira exchange hype, and at one point, it went up to N3,000 to get N10,000. The naira redesign policy gave banks the leeway to extort money from their customers. After the exchange period, they withdrew cash from ATMs and handed it to PoS operators. This is a sad situation.”
