The House of Representatives on Wednesday directed its committees to summon the Central Bank of Nigeria (CBN) Governor, commercial bank managing directors, and other stakeholders to address the challenges posed by undocumented Point of Sale (POS) transactions in the country.
According to The Nation, the resolution followed a motion by Hon. John Okafor (APC, Imo), who raised concerns about the increasing prevalence of fraud and other financial crimes enabled by the lack of verifiable documentation of POS users and fund recipients.
Okafor highlighted that undocumented transactions create opportunities for identity theft, money laundering, and unauthorized transfers.
“The absence of proper documentation exposes loopholes in the financial system, enabling criminal activities and undermining public trust in cashless transactions,” he stated.
The lawmaker emphasized the importance of implementing stricter identity verification measures to foster accountability and protect consumers and businesses.
He argued that enforcing such measures would align Nigeria with global anti-money laundering (AML) and know-your-customer (KYC) standards, enhancing the nation’s financial integrity.
The House expressed urgency for regulatory bodies to address the issue and shield Nigerians from criminal exploitation of the POS system, underscoring the need to build trust and encourage greater participation in the cashless economy.
The committees are expected to report back with recommendations for immediate action.
SOURCE: Hamzabalanda