The House of Representatives has resolved to summon the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and the Chief Executive Officers of commercial banks to address issues related to the lack of proper documentation for Point of Sale (POS) users nationwide.
This decision followed the adoption of a motion presented by John Okafor, representing Ehime/Mbano/Uboma/Obowo Federal Constituency, Imo State, during Wednesday’s plenary session.
Okafor raised concerns over the rising challenges linked to undocumented POS operators, noting that such gaps facilitate fraudulent activities, including identity theft, money laundering, and unauthorized transactions. He emphasized the need for urgent measures to safeguard the integrity of Nigeria’s financial system.
“The absence of proper documentation creates a loophole for criminal activities,” Okafor stated. “By enforcing user identity verification, we can significantly reduce fraud and enhance the security of financial transactions in Nigeria.”
He further argued that maintaining a transparent record of POS users and operators would improve accountability and enable authorities to trace transactions back to individuals involved in illegal activities.
The lawmaker criticized the CBN and other regulatory bodies for what he described as “regulatory bias and enforcement challenges,” urging immediate intervention to protect Nigerians from exploitation via the POS system.
“Establishing verifiable documentation aligns with both national and international financial regulations, particularly in combating financial crimes and ensuring compliance with anti-money laundering and Know Your Customer (KYC) standards,” Okafor added.
The motion received widespread support, prompting Speaker Tajudeen Abbas to direct the Committees on Digital and Electronic Banking, Finance, Banking Regulations, and Financial Crimes to summon the CBN Governor and commercial bank executives.
The committees are expected to report back to the House within four weeks.