POS operators defy CBN order, charge over stipulated fee

Many Point of Sale (PoS) operators in Nigeria has turned a deaf ear to the directives of the Central Bank of Nigeria (CBN) by charging higher than the stipulated transaction fee.

BusinessDay observed that PoS operators on Wednesday, February 15, 2023, have continued to collect additional charges on transactions despite CBN orders.

Godwin Emefiele, governor of the Central Bank on Tuesday warned that any PoS operator charging more than the required charges will be arrested.

While acknowledging the inconveniences caused by the naira redesign policy, Emefiele promised to prosecute PoS operators who charge above the stipulated amount.

However, the warning seems to have less effect as many operators in Lagos have not adjusted to the normal charges as expected.

“I am not forcing anyone to come and patronise me and you can see we are not many here. I know how I manage to get cash and CBN will not tell me not to add charges. I’m not the one that started this,” according to Ugo, a PoS attendant at Ikotun.

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According to her, the federal government has failed to come up with policies that will be seamless to implement but instead making life difficult for people.

“I am not happy collecting such charges from people but left with no option. The FG and the CBN have not for once brought up policy that will favour the masses,” she said. “It is affecting everyone and till it is totally resolved the reduction of the charges cannot be resolved because we are buying the money.”

BusinessDay observed that some attendants at the Ikotun axis charge as high as N2500 on a N10000 transaction.

“It’s unfortunate that all these things are happening and people are blaming POS operators. I think we are even trying to bring solutions to this issue but the efforts are not being appreciated. CBN is lamenting about charges but they are not doing much to end the problem they caused for Nigerians,” said Matthew UBA, a POS operator at Cele.

He said that they are trying their best to help the situation caused by the federal government by making cash available at all means while Nigerians keep seeing them as the cause.

According to him,” until we learn to do the right thing in this country, our efforts towards change will not be effective. Nigerians are suffering and the government thinks this is the best time to come up with this policy. I share in your pain as you share in mine too.”

Meanwhile, Channels TV reported that The Central Bank of Nigeria, Makurdi branch has aided the arrest of four point-of-sales (PoS) operators across the state capital for overcharging customers as much as 20 percent for transactions.

The report stated that the apex bank in a joint operation with law enforcement agencies handed over the accused to the Economic and Financial Crimes Commission (EFCC), Makurdi Zonal Office for further investigation and prosecution.

A team led by CBN Deputy Director, Harry Agbo, visited major markets and PoS point outlets across the state capital