Vice President Kashim Shettima has expressed concerns over the exploitative practices of Point of Sale (PoS) operators in Nigeria. Speaking at the 2024 Annual Bankers’ Committee Retreat in Abuja, Shettima urged the Central Bank of Nigeria (CBN) and commercial banks to take decisive action against these unfair practices, which he described as a major obstacle to financial inclusion. Challenges of Arbitrary PoS ChargesRepresented by Dr. Tope Fasua, Special Adviser to the President on Economic Matters, Shettima highlighted the growing frustration of Nigerians regarding high and arbitrary PoS charges. Many PoS merchants have been accused of imposing excessive transaction fees, creating what the VP termed “moral hazard” and “adverse selection” issues in the financial system. Key Issues Raised: Call to Action for CBN and BanksVice President Shettima urged the CBN and banks to prioritize: He emphasized, “Nigerians bitterly complain about exploitation by rogue agents. We trust the banking sector can tackle this with concerted efforts.” Support for MSMEsShettima also called for increased support for Micro, Small, and Medium Enterprises (MSMEs). He encouraged banks to: ConclusionVP Shettima’s call for urgent action underscores the need for a collaborative approach among stakeholders to address exploitative PoS practices. By ensuring fair charges and supporting MSMEs, the financial sector can play a vital role in promoting economic growth and financial inclusion across Nigeria. Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
