The House of Representatives has resolved to invite CBN governor Olayemi Cardoso and the chief executive officers of commercial banks to propose solutions to the challenges posed by the lack of documentation of point of sale (POS) operators across the country.
This resolution on Wednesday followed the consideration and adoption of a motion sponsored by Rep. John Okafor
The lawmaker earlier noted that cases of fraudulent activities have been established against POS users, posing risks to Nigerians.
He said, “The House is aware that undocumented POS transactions 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. The House is aware that proper documentation of POS users’ identities fosters accountability among operators and users. This transparency will help trace transactions back to the individuals involved, holding them accountable for illegal activities.”
Referring to the CBN, the APC lawmaker expressed “regulatory bias” and enforcement challenge towards due process by the relevant regulatory bodies.
He called for immediate intervention to avert this ugly situation and “shield Nigerians from the hands of criminals through the use of the POS system.”
“Establishing a system for verifiable documentation of POS users’ and recipients’ identity aligns with the national and international financial regulatory requirements to prevent financial crimes and ensure compliance with anti-money laundering and know your customer regulations,” he said.
Following overwhelming support for the motion, Speaker Tajudeen Abbas who presided over plenary mandated the House Committees on Digital and Electronic Banking, Finance, Banking Regulations, and Financial Crimes to invite Mr Cardoso and CEOs of all commercial banks and other financial institutions utilising POS services to appear before them.
The committees have four weeks to report back to the House.
