Banks colluding with PoS operators to disrupt cash flow–CBN

The Central Bank of Nigeria (CBN) has accused the Deposit Money Banks (DMBs) of colluding with Point of Sale (PoS) operators to disrupt the cash flow in the country.

The country has been hit by another naira scarcity in the last few weeks with bank customers queuing in banking halls and Automated Teller Machine (ATM) points across the country in a bid to get cash.

In a statement issued on Thursday by its Acting Director of Communication and Public Relations, Sidi Ali, the CBN warned the DMBs and PoS operators to stop the criminal act or face sanctions.

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The apex bank urged Nigerians to use alternative payment platforms for their transactions.

The statement read: “The attention of the Central Bank of Nigeria has been drawn to alleged cases of collusion between some Deposit Money Banks and Point-of-Sale operators affecting the availability of cash and disrupting the seamless circulation of the Naira.

“The CBN frowns at such inappropriate actions by certain individuals and is investigating the reported cases capable of undermining the smooth running of the economy. The CBN has, therefore, warned banks and PoS operators to desist from such activities as relevant sanctions shall be meted out to those found wanting.

“Meanwhile, members of the public are encouraged to use alternative payment channels as well as report any case of unauthorised activities, such as capping and hoarding, by banks or PoS agents to the CBN branch in their locations or via the link attached to address complaints and inquiries on the subject.”