CBN to meet banks, telcos on PoS withdrawal charges

The Central Bank of Nigeria (CBN) will meet with deposit money banks (DMBs), mobile money operators, and telecommunications companies in the coming days to address the excess withdrawal charges by Point of Sale (PoS) operators in the country.

The CBN Governor, Godwin Emefiele, stated this while briefing the media on the redesigned naira on Saturday in Lagos.

Following the scarcity of the new naira notes, PoS operators are now charging 10 percent of the amount a customer withdraws on the platform.

He said: “We have also noticed that some Nigerians are capitalising on the transition to charge exorbitant fees or demand cash payment on the false pretext that PoS doesn’t work, especially at petrol stations.

“These selfish actions for personal monetary gain are creating hardship for Nigerians and may come at the expense of fellow citizens’ lives and livelihood.”

The CBN governor said the apex bank might review upward the daily withdrawal limit from N20,000 in the future.

Emefiele urged Nigerians to remain calm and show more understanding as the country transits from old to new naira notes.

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He revealed that the CBN was collaborating with the entire financial ecosystem including the DMBs, other financial institutions, MMOs, Super Agents, Microfinance Banks, Payment System Providers, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and other law enforcement agents to ensure that Nigerians have a variety of options for financial transactions either through electronic channels or in exceptional circumstances, cash.

Emefiele added: “We are mindful of the challenges some citizens have faced and are addressing them. There have been reports of occasional failures in e – channel platforms.

“Our monitoring suggests that whilst there has been an expected surge in electronic transactions, these have not risen to unprecedented levels and the payment system is well equipped to handle even higher transaction volumes.

“Whilst transaction failures are bound to occasionally occur, the public is encouraged to have full confidence in Nigeria’s globally recognised payment system infrastructure. Banks have also been instructed to ensure 24/7 service availability and promptly address any customer refunds arising from such service failures.

“We call on all Nigerians to be calm, law-abiding, and considerate of their fellow citizens (particularly the vulnerable and weak) in the conduct of their affairs as we execute this policy of national significance.

“As with all far-reaching consequential policies, there is a transition period during which short-term hiccups will be inevitably experienced but eventually overcome.