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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 journalist with a background in English Language and a Masters degree in International Law & Diplomacy. She officially began her career in journalism when she joined Channels Television Lagos Nigeria in 2000. Her work in Channels allowed her to hone her skills as a journalist laying a solid foundation for a successful career as a versatile reporter covering Human angle stories, Health, Aviation, Metrofile, Travels, Business and Finance. She served as State House Correspondent Abuja in her early years with Channels TV and has trained at the London Academy for Film, Media and TV. She also served briefly with Silverbird Television Lagos Nigeria before joining African Voices 1 Network Intl (AV1 News) where she currently serves as Lead Editor, Business & Finance.

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