Lawmakers Move To Investigate Excessive Charges By POS Operators

The lower chamber of the National Assembly, the House of Representatives, has decided to inquire into the excessive fees imposed by Point of Sale (POS) for cash withdrawals across Nigeria.

Naija News understands that the decision to investigate the operators was initiated by one of the lawmakers, Mohammed Shehu, during a session on Thursday.

Shehu expressed his dissatisfaction with the exorbitant charges levied by the operators.

He highlighted that certain POS owners demand a staggering ₦4,000 for a N10,000 withdrawal.

The lawmaker emphasized that POS operators are essentially selling currency to customers, and stressed that the government possesses the authority to regulate their operations.

“There is a need for the government to utilize its relevant authorities under the Central Bank of Nigeria, Act 2007 to supervise Commercial Banks and advise on financial matters, including regulating Point of Sale operators; this will validate public confidence and address the hardships faced by citizens in Nigeria’s financial transactions,” the motion reads.

Following the presentation, the House resolved its Committees on Banking Regulations and Digital and Electronic Banking should investigate.

FG Announces Date For Distributing N75 Billion SMEs Palliative

Meanwhile, Nigeria’s Vice President, Sen. Kashim Shettima, has disclosed the release date for the federal government’s N75 billion grant to small-scale businesses nationwide.

In a statement on Tuesday, the Senior Special Assistant to the President on Job Creation and MSMEs in the Office of the Vice President, Temitola Adekunle-Johnson, announced that the disbursement is scheduled to start in January 2024.

He further mentioned that the disbursement process would be conducted through the collaboration of the government and the Bank of Industry, utilizing pre-existing structures.

“The loans totalling about N75 billion will be given to small businesses nationwide at an interest rate of 9 percent. The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods,” he stated.

In June, the Vice President pledged to expedite the distribution of the palliative to businesses.

Consequently, President Bola Ahmed Tinubu declared a funding of N125 billion for micro, small, and medium-sized enterprises (MSMEs) through his Presidential Palliative Loan Programme in July.

As part of this initiative, the government specified that N75 billion would be allocated to MSMEs operating in diverse sectors, while another N75 billion would be earmarked for manufacturers.