CBN Urges Banks To Stop POS Extra Charges, Says It Is Causing Pain For Nigerians

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has urged banks to stop extra charges by Point of Sale agents on every transaction made by their customers, saying it is creating pain on those who wants to use alternative channels when they do not  have cash in their pocket.

The CBN governor said this at a special media briefing on the new naira notes, on Friday, in Lagos.

“I am going to be calling a meeting with the banks this evening or by tomorrow, if those charges go to or those charges have been charged through the bank, we are going to have an arrangement with even telcos to see how those charges can actually at this time be stopped.

“Those charges at this time should be stopped.

"So, if we know whatever you are making that you’re not making because we stopped it, we can collect it somewhere and look for a way to pay you.

“But we don’t want you to continue to create pain on those who want to use alternative channels when they cannot have cash in their pocket.

"We will go into this later this night or even tomorrow, we’re going to call a meeting of both the banks and the mobile networks; at this time nobody should be charged, if you are charged, we will need to know about it.

“But we would want this service to continue to be offered.

"Whatever it is in terms of volume and number that you have carried out. We will look for away to pay you your money,” he said.