Due to high fees, the CBN will revoke the licenses of POS operators

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On Tuesday, the Central Bank of Nigeria (CBN) made the announcement that it would revoke the licenses of Point of Sale (PoS) representatives who were found to have inflated the fees charged to customers who made withdrawals from POS machines in the state.

The Daily Trust reports that for every N5,000 to N10,000 that a customer withdraws, POS operators in the state charge N300, N1500, and N2000, respectively.

Blaise Ijebor, director of the CBN Risk Management department, made the disclosure yesterday while discussing the apex bank’s and the state government’s efforts to ensure the availability of cash in circulation.

He asserts that the authorized charge for each N5,000 is N100, and that the agents are punishing their fellow citizens if they act in violation of the authorized charges as a result of the current cash crisis.

He claims that they are aware that point-of-sale (POS) agents are engaging in a variety of dishonest practices by charging customers up to 30% before they accept payment.

“Because we are going around with the Economic Financial Crimes Commission (EFCC), anyone caught would have their license revoked and would not be allowed to operate the business. We are monitoring the situation.

“Customer should not be agitated; there is no need for any tension because your money is safe in the bank for the time being; just get the little cash you need while using alternative means available to make payment,” he said. While reiterating that the Central Bank of Nigeria (CBN) is working with the state government to improve the situation, he also stated that they had disbursed close to N1 billion to banks between Sunday and Tuesday so that individuals could make a withdrawal Ijebor: “We gave As a result, we are releasing funds.

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