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Home Economy/Technology

CBN to arrest defiant POS outlets, banks, others, in Bayelsa

POS

The Matters Press by The Matters Press
February 15, 2023
Reading Time: 2 mins read
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N43tn e-payments made in Nigeria

POS

CBN to arrest defiant POS outlets, banks, others, in Bayelsa

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The Central Bank of Nigeria (CBN), Yenagoa says it will commence strong actions against operators of Point of Sales outlets(POS), banks who refused to render services in line with its financial rules.

Mr Joseph Omayuku, Director, Governor’s Department of the CBN said in Yenagoa, during a media briefing on Tuesday that the action would also affect other service providers who refused to render services in line with its financial rules.

Omayuku, alleged that some fifth columnists may have hijacked the apex bank’s motive of the redesigned new naira notes, expressing regrets that they have subjected Nigerians to untold hardship.

He said that the apex bank has continued to work within the confines of the extant laws establishing it and regulations to ameliorate the cash crunch issue bedevilling the nation.

The director cautioned criminal elements and perpetrators of fraudulent acts in the course of carrying out financial transactions following the rampant artificial scarcity of the new and old notes.

The CBN director said that what the bank has brought into circulation was enough to take care of economic activities in the nation.
He said that he would convene a meeting with the various banks operating in the state with a view to proffer workable solutions to some of the likely difficulties occasioned by the cash crunch.

“Prior to the CBN’S initial time lines on when the old naira notes would cease being legal tender, the apex bank injected substantial amount of the newly redesigned notes into the financial sector.

“But unfortunately there seem to be a fifth columnist in the banking sector who never wanted the rationale behind the CBN naira redesign and cashless policies to be achieved.

“Any bank or staff of a bank in the state caught engaging in hoarding cash would be arrested and prosecuted.

“For the POS operators, the maximum amount they’re expected to charge customers for a transaction of N10, 000 wasn’t supposed to be more than N200.

“From information at our disposal, POS agents now charge between N1000–N2000 for a transaction of N10, 000. This is disheartening, ‘’he said.

According to him, even the petrol stations and other business operators who used to accept electronic transfer as options for payment by customers are now rejecting it upon the introduction of the redesigned notes.

“They have all resorted to cash payments, just to undermine and frustrate the CBN cashless policy.

“It’s fraudulent; the public should report any POS operator who charges more than the maximum amount expected as charges on customers.

“Any business outfit who rejects any of the extant electronic option of payment from customers, be rest assured that the CBN would not only arrest, but also prosecute such persons, ‘’ he said

Omayuku said that not all POS operators were licensed to operate as cash withdrawal and deposit agents.

He said that some POS outlets were only registered to use it as means for electronic payment in their supermarkets and other businesses.

“But upon the introduction of the redesigned notes, almost all POS agents from information available are now operating as deposit and withdrawal points just to defraud customers with the illegal charges they get from their illegal transactions.

“Going forward, we will be bullish on these set of fraudulent elements”, he said.

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