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Nigerian House of Representatives Calls CBN Governor and Bank CEOs Over POS Fraud Concerns

Lawmakers demand action on undocumented POS operators, calling for measures to curb fraud and enhance transaction security.

The House of Representatives has summoned the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, and CEOs of commercial banks in response to concerns over fraudulent activities by Point of Sales (POS) operators.

The officials are expected to appear before the House Committees on Digital and Electronic Banking, Finance, Banking Regulations, and Financial Crimes. A joint panel will report back within four weeks for further legislative action.

This move follows a motion introduced by Chike Okafor, highlighting issues with undocumented POS operators. Okafor emphasized the rise of fraudulent activities linked to these operators, which include identity theft, money laundering, and unauthorized transactions.

According to Okafor, the lack of proper documentation of POS users is creating loopholes that facilitate criminal activities. He proposed that enforcing identity verification could reduce fraud and enhance financial security.

The House aims to address these concerns through legislation and regulatory measures. The call for accountability from POS operators and the banking sector underscores the urgency to safeguard Nigeria’s financial system.

Vivian Akinyosoye
Vivian Akinyosoye is a seasoned Broadcast Journalist with a background in English Language and a Masters in International Law & Diplomacy. She began her career in 1999 in Southern Nigeria Ekiti State as a Freelance Radio Newscaster before joining Channels Television Lagos (2000) where she covered a several beats ranging from Health, Metrofile, Travels, Aviation, Business & Finance as well as State's House Correspondent. Vivian Adds to her roles a strong passion for human angle stories women and children.

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