In a decisive move to address rising cases of financial fraud, the House of Representatives has directed the Central Bank of Nigeria (CBN) Governor and managing directors of banks to improve oversight on Point of Sale (PoS) operators.
The mandate aims to ensure stricter documentation and enhanced measures to prevent fraudulent transactions across the country.
The House resolution followed deliberations on the alarming increase in fraudulent activities linked to PoS operations.
Lawmakers emphasized that inadequate documentation of operators and users has created loopholes, enabling criminals to exploit the system.
“It is imperative to hold financial institutions accountable for ensuring that PoS services are not only accessible but also secure for Nigerians,” a lawmaker stated during the session.
The CBN Governor and the Group Managing Directors (GMDs) of leading banks have been summoned to provide updates on current measures in place to address fraud prevention.
The lawmakers are particularly interested in understanding the regulatory framework and technological safeguards banks are deploying to protect users.
The directive is expected to have significant implications for PoS operators nationwide. Stricter documentation requirements could mean additional compliance costs for operators, while consumers may face enhanced verification procedures to access services.
The House urged the banking sector to strike a balance between accessibility and security, ensuring that legitimate users are not discouraged from using PoS services.
The mandate also calls for public awareness campaigns to educate Nigerians on how to safeguard their transactions.
The House of Representatives has set the stage for financial institutions to provide concrete solutions as they gear up to tackle the growing menace of digital fraud in Nigeria.