CBN To Withdraw Licenses of POS Operators

The Central Bank of Nigeria is ready to withdraw the licenses of Point of Sale terminal operators due to inflating charges.

CBN gave this warning on Tuesday, February 7, 2023.

According to the apex bank, it would withdraw the operating licenses of POS agents found guilty of inflating charges above the CBN rate in Nigeria.

This came after Nigerians reported that POS operators in the country charge between N1000, N1,500, and N2000 for every N5000 and N10,000 withdrawn by customers and N300 for N1000.

CBN’s Director of Risk Management department, Blaise Ijebor held that the approved charge for every N5,000 was N100, and anything above that by agents due to the current cash crunch amounts to punishing Nigerians.

It further promised that the bank was working with various state governments to ensure the availability of cash in circulation.

Ijebor said:

“We are monitoring the situation; anyone caught would have his or her license withdrawn and would not be in the business because we are going around with the Economic Financial Crimes Commission (EFCC).

“Customer should not be agitated, there is no need for tension because your money is safe in the banks. For now, get the little cash you need while using alternative means available to make payment.”