The House of Representatives has resolved to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and Chief Executive Officers of commercial banks to address the growing concerns over the lack of proper documentation of Point of Sale (POS) users across the country.
This decision followed a motion raised by Hon. John Okafor, representing Ehime/Mbano/Uboma/Obowo Federal Constituency in Imo State, during Wednesday’s plenary session.
Okafor highlighted the risks posed by undocumented POS transactions, which he said have created loopholes for fraudulent activities such as identity theft, money laundering, and unauthorized financial operations.
“The absence of user documentation facilitates illicit practices and undermines the integrity of financial transactions in Nigeria,” Okafor stated. He stressed the need for verifiable documentation of POS users to enhance accountability, traceability, and compliance with anti-money laundering and Know Your Customer (KYC) regulations.
The lawmaker further criticized what he termed “regulatory bias and enforcement challenges” by relevant authorities, calling for urgent intervention to protect Nigerians from exploitation and fraud associated with the POS system.
Following broad support for the motion, Speaker Tajudeen Abbas directed the House Committees on Digital and Electronic Banking, Finance, Banking Regulations, and Financial Crimes to engage the CBN Governor, Group Managing Directors of commercial banks, and other financial institutions utilizing POS services.
The committees are expected to submit their findings and recommendations within four weeks. This initiative aims to strengthen financial oversight and ensure Nigeria’s compliance with both national and international financial regulations.
