The House of Representatives, yesterday, resolved to summon the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and Chief Executive Officers of commercial banks operating in the country over unwholesome activities of Point of Sales (POS) operators across the country.
Cardoso and bank executives are to appear before the House Committees on Digital and Electronic Banking, Finance, Banking Regulations and Financial Crimes.
The joint panel is expected to revert to the House within four weeks for further legislative actions.
This followed the adoption of a motion by Chike Okafor on the challenges associated with undocumented POS operators in the country.
Okafor, while leading the debate on the motion, contended that there are cases of fraudulent activities against POS operators in the country. He stressed the need to combat such fraudulent practices.
“The House is aware that undocumented POS transactions from both parties’ identities create a loophole for fraudulent activities, such as identity theft, money laundering, and unauthorised transactions. By enforcing the documentation of users’ identity, the incidence of fraud will significantly reduce, and the security of financial transactions in Nigeria will be enhanced.”
