POS Charges: CBN To Withdraw Operators' Licenses

The Central Bank of Nigeria (CBN) on Tuesday said it would withdraw the licenses of Point of Sale (PoS) agents found inflating the charges on customers who withdraw money from them.

Blaise Ijebor, the Director of CBN Risk Management department, revealed this yesterday while speaking with journalists on efforts of the apex bank and state government on ensuring the availability of cash in circulation.

He said the approved charge for every N5,000 is N100 and anything done contrary to the approved charges by the agents due to the current cash crisis is tantamount to punishing their fellow citizens. 

According to him, they are aware that POS agents are engaging in all sorts of sharp practices by charging customers up to 30 per cent before giving them money. 

“We are monitoring the situation and anyone caught would have his or her license withdrawn and would not be in the business because we are going around with the Economic Financial Crimes Commission (EFCC).

“Customers should not be agitated, there is no need for any tension because your money is safe in the bank, but for now  just get the little cash you need while using alternative means available to make payment."

He also assured that CBN is working with state governments to improve the situation.