The astronomical fees levied by POS systems for money withdrawals have prompted an investigation by the House of Representatives.

On Thursday, Mohammed Shehu moved a motion to investigate the operators, and the resolution was passed.

Operators’ exorbitant prices were a source of frustration for Mr. Shehu.

According to him, some point-of-sale owners charge up to N4,000 for a N10,000 withdrawal.

The congressman made the comment that point-of-sale (POS) operators are effectively selling clients physical banknotes and that the government can regulate their actions.

“The government should address the hardships faced by citizens in Nigeria’s financial transactions and validate public confidence by supervising Commercial Banks and advising on financial matters, including regulating Point of Sale operators,” the motion reads in part.

The House Committees on Banking Regulations and Digital and Electronic Banking were subsequently authorized to conduct an investigation in response to the presentation.

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