Moving the motion at the plenary on Thursday, Hon. Jimoh Olajide the POS is where customers make payments for products or services rendered.
Olajide said, “While many Nigerians are making legal money from this lucrative business, some are using it for fraudulent acts to create fake credit alerts to defraud innocent customers hence the need for government intervention to rescue the rising business sector in the country. Olajide argued that at the moment, no financial regulatory bodies in Nigeria can precisely ascertain the total number of POS machines and their Operators in the country.
Olajide said, “Worried that some of the POS operators fraudulently charge exorbitant amounts of money from their customers’ bank accounts, while some retain vital information from customer’s ATM cards in the course of making the financial transactions. ”