CBN to meet banks, telcos, PoS operators over charges

The Central Bank of Nigeria (CBN) said it will meet with the deposit money banks (DMBs) Mobile Money Operators (MMOs) and Telcos over excessive charges by Point of Sale (PoS) operators.

Godwin Emefiele, governor of the CBN said that this while briefing the media on the implementation of the redesigned naira on Friday in Lagos.

Following the scarcity of the redesigned naira notes, PoS operators are charging 10 percent of the amount a customer wants to withdraw.

“We have also noticed that some Nigerians are capitalising on the transition to charge exorbitant fees or demand cash payment on the false pretext that POSs don’t work, especially at petrol stations. These selfish actions for personal monetary gain is creating hardship for Nigerians and may come at the expense of fellow citizens’ lives and livelihood,” the said.

Read also: Chaotic cash shortage forces Nigerians to wait hours at ATMs

He said the cash limit of N20,000 may be increased as time goes on, and that the ongoing charges by PoS operators should stop.

Emefiele called all Nigerians and the banking public to be calm and show more understanding as the country transits from old to new naira.

According to him the Bank is collaborating with entire financial ecosystem DMBs, Other Financial Institutions, MMOs, Super Agents, Microfinace Banks, Payment System Providers and the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and other law enforcement to ensure that Nigerians have a variety of options for financial transactions either through electronic channels or in exceptional circumstances, cash.

“We are mindful of the challenges some citizens have faced and are addressing them. There have been reports of occasional failures in e – channel platforms.

‘Our monitoring suggests that whilst there has been an expected surge in electronic transactions, these have not risen to unprecedented levels and the payment system is well equipped to handle even higher transaction volumes.

“Whilst transaction failures are bound to occasionally occur, the public is encouraged to have full confidence in Nigeria’s globally recognised payment system infrastructure. Banks have also been instructed to ensure 24/7 service availability and promptly address any customer refunds arising from such service failures,” he said.

Speaking further, he said, “We call on all Nigerians to be calm, law abiding, and considerate of their fellow citizens (particularly the vulnerable and weak) in the conduct of their affairs as we execute this policy of national significance. As with all far reaching consequential policies, there is a transition period during which short term hiccups will be inevitably experienced but eventually overcome.

The CBN is committed to ensuring a seamless, inclusive and equitable implementation of this exercise for the overall benefit of the people, financial system and Nigerian economy as a whole.”

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