Vice President Kashim Shettima has called on the Central Bank of Nigeria (CBN) and commercial banks to urgently address the growing concerns surrounding high and arbitrary charges imposed by Point-of-Sale (PoS) operators, which he described as an impediment to financial inclusion in Nigeria. Represented by the Special Adviser to the President on Economic matters, Dr Tope Fasua, the Shettima said …

Fraud cases involving computer, mobile, and Point-of-Sale (PoS) systems accounted for the majority of fraudulent activities recorded in Nigeria during the second quarter of 2024. This was revealed in the latest fraud report by the Financial Institutions Training Centre (FITC), which detailed a total of 11,532 cases during the period under review. “Computer/web fraud, mobile fraud, and PoS-related fraud were …

The Federal Government through the Corporate Affairs Commission (CAC) has issued a two-month registration deadline for Point of Sales (PoS) companies, to register their agents, merchants, and individuals with the commission in line with legal requirements and the directives of the Central Bank of Nigeria (CBN). The agreement was reached on Monday during a meeting between Fintechs and the Registrar-General …

The Nigerian Police Force (NPF) has reiterated its ban on the use of Point-of-Sale terminal machines, and other mobile money transaction devices within police stations and other police facilities across the country. The NPF said the ban followed public outcry on alleged “illegal and illicit transactions through ‘point-of-sale’ machine operators and connivance with certain police operatives”. This was contained in …

Despite recent criticisms of plans to increase in the service charges, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has said that current economic conditions have not prompted point-of-sale operators to reconsider their plans to implement the new framework starting next Monday. This was as it indicated plans to extend the implementation of the new price range …