The House of Representatives has decided to invite the Central Bank of Nigeria Governor, Olayemi Cardoso, and CEOs of commercial banks to address issues caused by the lack of documentation for Point of Sale users in Nigeria.
This decision came after a motion raised by John Okafor, a lawmaker representing Ehime/Mbano/Uboma/Obowo Federal Constituency of Imo State, during Wednesday’s plenary session.
Okafor highlighted growing concerns about fraudulent activities linked to undocumented POS transactions, stressing the need to protect the country’s financial system.
“The House is aware that undocumented POS transactions create a loophole for fraudulent activities, such as identity theft, money laundering, and unauthorised transactions,” he said.
He added, “By enforcing the documentation of users’ identity, the incidence of fraud will significantly reduce, and the security of financial transactions in Nigeria will be enhanced.”
The lawmaker also called out regulatory bodies for what he described as a lack of enforcement, urging immediate steps to protect Nigerians.
“Establishing a system for verifiable documentation of POS users’ and recipients’ identity aligns with national and international financial regulations to prevent financial crimes and ensure compliance with anti-money laundering and know-your-customer regulations,” he stated.
The motion received wide support from lawmakers. Speaker Tajudeen Abbas, who presided over the session, directed the House Committees on Digital and Electronic Banking, Finance, Banking Regulations, and Financial Crimes to invite the CBN Governor and heads of financial institutions.
The committees have four weeks to present their findings to the House.
