The House of Representatives has mandated its relevant committees to invite the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, Chief Executive Officers (CEOs) of all Commercial Banks and other Financial Institutions utilising Point of Sale (PoS) terminals, to appear before them an find measures to address the challenges posed by the undocumented identities of the PoS operators.
The resolution was sequel to the adoption of a motion moved by Hon. John Okafor from Imo State at plenary on Wednesday.
Presenting the motion, Okafor said the increasing challenges posed by the undocumented identities of PoS operators and fund recipients in Nigeria has led to opportunities for fraudulent activities within the financial system and it was necessary to combat such illicit practices and safeguard the integrity of financial transactions within Nigeria.
The lawmaker informed that undocumented PoS transactions from both parties create a loophole for fraudulent activities, such as identity theft, money laundering, and unauthorised transactions.
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