Breaking: CBN Will Revoke Licenses For Pos Operators Due To High Fees

The Point of Sale (PoS) agents found to be responsible for inflating the costs for customers who withdraw money from their POS in the state would have their licenses revoked, according to a Tuesday announcement from the Central Bank of Nigeria (CBN).

In the state, POS operators charge between N1000, N1500, and N2000 for every N5000 and N10,000 a customer withdraws, and N300 for every N1000, according to the Daily Trust.

In an interview with media yesterday on the efforts of the top bank and state governments to ensure the availability of currency in circulation, Blaise Ijebor, director of the CBN Risk Management department, revealed this.

He claims that the permitted price is N100 for every N5,000 and that everything the agents do in defiance of the approved charges because of the present cash shortage amounts to harming their fellow people.

He claims that they are aware that POS agents are using various shady tactics, such as charging clients up to 30% before handing them cash.

We are keeping an eye on the matter, and anybody found guilty would have their license revoked and be prohibited from operating a company since we are working with the Economic Financial Crimes Commission (EFCC).

“The customer should not be alarmed; there is no need for any concern since, for the time being, your money is secure at the bank. Simply obtain the minimal amount of cash you want while utilizing other ways of payment that are accessible.”

He stated that between Sunday and Tuesday, the CBN distributed close to N1 billion to banks so that people may withdraw their money, while also ensuring that they are working with the state government to rectify the situation.