CBN To Arrest POS Operators Over High Charges

The Central Bank of Nigeria (CBN) has taken a strong stance against Point of Sale (POS) agents who have been inflating fees for customers who withdraw money from their POS stations. The bank has threatened to withdraw the licenses of these agents if they are found guilty of charging excessive fees for these transactions.

In a statement, the Director of the CBN’s Risk Management department, Blaise Ijebor, explained that the approved fee for every N5,000 withdrawal is N100. However, some POS operators in the country have been charging exorbitant fees that go beyond this approved amount. Some of these agents have been collecting fees of N1000, N1500 and N2000 for N5000 and N10,000 withdrawals, and N300 for every N1000 withdrawal. This, according to Mr. Ijebor, is unacceptable and amounts to exploiting customers.

The CBN and the state government are taking steps to ensure the availability of cash in circulation and put an end to these high charges. The bank is working closely with the state government to ensure that customers are not unfairly charged for accessing their own money.

In conclusion, the CBN’s stance against the excessive fees charged by some POS agents is a step in the right direction towards ensuring that customers have access to their money without being unfairly charged. The bank’s efforts to make cash available and prevent these high charges are commendable and will go a long way in promoting financial inclusion and stability in the country.

In recent years, the use of Point of Sale (POS) systems has become increasingly popular in Nigeria as a convenient way to withdraw money and make purchases. However, some POS operators have been taking advantage of the current cash shortage in the country by inflating fees for these transactions, causing significant financial hardship for many customers.

The Central Bank of Nigeria (CBN) has taken notice of these excessive fees and has vowed to take action against the operators responsible. According to the bank, the approved fee for every N5,000 withdrawal is N100, but some operators have been charging as much as N1000, N1500 and N2000 for N5000 and N10,000 withdrawals and N300 for every N1000 withdrawal.

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The CBN has stated that it will arrest and punish any POS operator found guilty of inflating fees beyond the approved amount. The bank and the state government are working together to ensure that customers have access to their own money without being unfairly charged.

The CBN’s efforts to prevent excessive fees and promote financial stability in the country are commendable. By taking a strong stance against overcharging, the bank is helping to promote financial inclusion and ensure that all Nigerians have access to their own money without facing undue financial hardship.

Source: DailyTrust News

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