Business
VP Shettima laments arbitrary exploitation by PoS operators, tasks CBN, banks
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.
READ ALSO: PDP alleges Kebbi govt shortchanges local council workers on minimum wage
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
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
