WATCH THE VIDEO HERE The Vice-President, Sen. Kashim Shettima has urged Nigerian Deposit Money Banks (DMBs) to tackle the issue of exploitation of Nigerians by PoS operators, who are charging arbitrarily for cash. Shettima made the call on Friday in Abuja, at the 2024 Bankers ‘ Committee Retreat, noting that the unwholesome practices by some Point of Sale (PoS) agents are impeding the availability of cash. According to him, the scarcity of cash is constituting an impediment to financial inclusion. “We would like to take this opportunity to appeal strongly to the committee to urgently clear up thorny issues in the sector, some of which are impeding the efforts at financial and economic inclusion. “Nigerians complain about high and arbitrary charges and exploitation by rogue agents, which we are sure you will be able to tackle with concerted efforts,” he said. Shettima, who was represented by the Special Adviser on Economic Affairs, Office of the Vice-President, Tope Fasua, urged the banks to ensure seamless availability of Naira notes to the banking public. “Nigerians complain bitterly that they are unable to access even minimal cash when most needed,” he said. According to Shettima, Nigerian banks have shown dominance in the West African region and beyond. He cited the concept of new capability development as propounded by Prof. Ricardo Haussman of the Harvard Kennedy School. “It suggested that a country should try using technology to export capabilities that it sees as a comparative advantage. “Banking is one sector we have excelled at over the years. It is, therefore, a valid strategy for you to consolidate upon, as you continue to excel. “The recent opening of Nigerian bank branches in France is a good testimony in this direction,” he said. The Central Bank of Nigeria (CBN) had recently threatened to sanction the banks over cash scarcity as their customers found it difficult to withdraw from ATMs, thereby forcing them to patronize PoS operators, who charge arbitrarily. The CBN emphasized its commitment to intensifying oversight to enforce compliance, as part of broader efforts to enhance currency availability and improve public access to cash.
End PoS operators’ exploitation of Nigerians, Shettima tells banks
