CBN Moves Against PoS Agents Over High Charges, Reveals Amount Banks Receive Every Day

  The Central Bank of Nigeria has issued a stern warning to PoS operators over exorbitant charges. The bank’s director of the Risk Management Department, Blaise Ijebor said the CBN approved rate for every N5000 transaction is N100 Ijebor said the bank will revoke the licenses of PoS agents who engage in sharp practices

  The Central Bank of Nigeria on Tuesday, February 7, 2023, said it would withdraw the operating licenses of Point of Sale (PoS) agents found guilty of inflating charges above the CBN rate in Nigeria. Nigerians reported that PoS operators charge between N1000, N1,500, and N2000 for every N5000 and N10,000 withdrawn by customers and N300 for N1000.  

CBN moves to revoke licenses PoS operators According to CBN’s director of Risk Management, Blaise Ijebor, the bank is working with various state governments to ensure the availability of cash in circulation.  

 After meeting with Buhari, Lawan speaks on CBN’s deadline,   said the approved charge for every N5,000 is N100, and anything above that agents take due to the current cash crunch amounts to punishing Nigerians. He said CBN knows PoS operators engage in sharp practices by charging more than 30% before giving out money. He said: “We are monitoring the situation; anyone caught would have his or her license withdrawn and would not be in the business because we are going around with the Economic Financial Crimes Commission (EFCC).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.” While assuring the populace that the CBN is working with the state government to improve the situation, he said the apex bank has disbursed about N1 billion to banks between Sunday and Tuesday so that the people can have access to cash.   Ijebor said: “We gave banks about N400m on Sunday, N200m on Monday, and on Tuesday(Today), we gave N460m. So, we are pushing out money.” He also urged Nigerians to report PoS agents who violate the apex bank’s directives. CBN gives update on PoS charges, says it will work with banks to end cash crunch. reported that The Central Bank of Nigeria (CBN) has asked Nigerians to remain calm as it works with the commercial banks to review PoS charges to reduce the pain felt by Nigerians as they line up at ATM points and are charged exorbitantly by PoS operators as a result of the paucity of cash. The CBN, Governor, Godwin Emefiele disclosed this on Friday, January 3, 2023, at a media briefing on the new naira note in Lagos. The apex bank’s governor pleaded with Nigerians for time to fix the lapses associated with the circulation of the newly redesigned notes.

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