CBN To Withdraw POS Operators License Over High Charges
The Central Bank of Nigeria (CBN) has said that if Point of Sale (PoS) agents are found to be charging customers more than they should, their licenses will be taken away.
The threat came from CBN on Tuesday.
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POS operators in different states were charging customers between N1,000 and N2,000 for every N5,000 to N10,000 they took out, and N300 for every N1,000.
Blaise Ijebor, who is in charge of the CBN’s Risk Management department, told journalists about this yesterday when he was talking about what the central bank and state government are doing to make sure there is cash in circulation.
He said that the approved fee for every N5,000 is N100, and that anything the agents do that goes against the approved fees because of the cash shortage is the same as punishing their fellow citizens.
He said that they know that POS operators are doing all kinds of sneaky things, like charging customers up to 30% before giving them money.
“We are keeping an eye on the situation, and if anyone is caught, their license will be taken away and they won’t be able to do business anymore because we are going around with the Economic Financial Crimes Commission” (EFCC).
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“Customers shouldn’t be upset; there’s no need to worry because your money is safe in the bank. For now, just get the small amount of cash you need and pay with other options.”
While assuring that the CBN is working with the state government to fix the problem, he said that between Sunday and Tuesday, they gave close to N1 billion to banks so that people could withdraw money.
Ijebor stated, “We gave banks about N400 million on Sunday, N200 million on Monday, and N460 million today (Tuesday). So, we’re putting money out.”
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