The House of Representatives has taken a significant step to address the challenges faced by Point of Sale (POS) users across Nigeria.
Yesterday, the House directed its relevant committees to invite the Central Bank of Nigeria (CBN) governor, managing directors of commercial banks, and other financial institutions using POS services. The goal is to find solutions to the problems POS users encounter daily.
The directive follows a motion by John Okafor (APC, Imo), which emphasized the need for verifiable documentation of POS users and fund recipient identity across the country.
Okafor expressed concerns about the increasing challenges posed by undocumented identities of POS users and fund recipients, leading to fraudulent activities within the financial system.
The House’s move is a response to the growing concerns about the security and reliability of POS transactions in Nigeria. By inviting the CBN governor, bank managing directors, and other stakeholders, the House aims to identify solutions to these challenges and ensure that POS transactions are secure, efficient, and transparent.
This development is a significant step towards addressing the issues plaguing the POS system in Nigeria. It is expected that the invited stakeholders will work together to find lasting solutions to these challenges, ultimately enhancing the overall experience of POS users across the country.
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