The issue of arbitrary exploitation by Point of Sales (PoS) operators has gotten the attention of Vice President Kashim Shettima who has called on the Central Bank of Nigeria (CBN) and commercial banks to urgently address the growing concerns.
He described it as an impediment to financial inclusion in Nigeria.
Shettima, who was represented by the Special Adviser to the President on Economic Matters, Dr Tope Fasua, said this in a speech delivered at the 2024 Annual Bankers’ Committee Retreat held on Friday in Abuja.
Shettima decried what he called the “moral hazard” and “adverse selection” issues associated with POS merchants who have been accused of exploiting customers with excessive transaction fees.
The VP called for immediate regulatory action to curb such exploitative practices, urging the CBN and banks to step up efforts to ensure that POS charges are fair, transparent and reasonable.
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He said, “We would want to take this opportunity to appeal strongly to the committee to urgently clear up thorny issues in the sector, some of which are impeding the efforts at financial and economic inclusion.
“Nigerians complain bitterly that they are unable to access even minimal cash when most needed. There seems to have been some moral hazard and adverse selection problems with the involvement of street-side PoS merchants.
“Nigerians complain about high and arbitrary charges and exploitation by rogue agents which we are sure you will be able to tackle, with concerted efforts.”
The VP also called on the banking sector to do more to support Micro, Small and Medium Enterprises, which play a crucial role in the nation’s economic growth.
He encouraged banks to increase their involvement in financing MSMEs while continuing to support government efforts in building a robust consumer credit culture.
By: Babajide Okeowo
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