Federal lawmakers tackle POS operators with stringent laws

Bank staffs are bow sabotaging ATMs operations across the nation so that POS operators can get patronage.

Federal lawmaker made the allegation, and initiated a bill to address the problem.

Hon. Olajide Jimoh, Lagos Mainland, made the allegation in his motion on fraud by POS operators.

In a motion he moved on Thursday, Jimoh called for tougher regulations of POS operators in Nigeria.

Agreeing POS provides jobs for millions of Nigerians, he said they are cheating many Nigerians.

He cited a media report of “allegation by the residents of Aniocha South Local Government Area of Delta State alleging that the Aniocha branch’s Union Bank and First Bank Staff deliberately sabotaged the Banks Automated Teller Machines (ATM) on non-availability of cash, thus leaving customers with no choice to patronize the alleged banks Staff owned POS Centres around the banks.

“POS operators fraudulently charge exorbitant amounts of money from their customers’ bank accounts, while some retain vital information from customer’s ATM cards in the course of making the financial transactions,” he said.

Following the motion, the House resolved that the CBN should introduce stringent regulations and guidelines including sanctions on the Point of Sale (POS) business operations in Nigeria.

The House also mandated the Committee on Banking and Currency to organize stakeholders meeting for the purpose of tackling the menace of the Operation of the Point of Sale System (POS) in Nigeria.