Vice President Kashim Shettima has raised concerns about the growing issue of exploitation by Point of Sales operators in Nigeria, urging the Central Bank of Nigeria and commercial banks to address the problem promptly.
He described the practice as a significant obstacle to financial inclusion in the country.
Shettima, who was represented by Dr. Tope Fasua, the Special Adviser to the President on Economic Matters, made the call during his speech at the 2024 Annual Bankers’ Committee Retreat held in Abuja on Friday.
The Vice President expressed dissatisfaction with what he termed the “moral hazard” and “adverse selection” issues arising from PoS merchants who are accused of charging excessively high transaction fees.
He called for immediate regulatory measures to curb these exploitative practices, emphasizing the need for fair, transparent, and reasonable PoS charges.
In addition to addressing PoS-related issues, Shettima urged the banking sector to increase its support for Micro, Small, and Medium Enterprises, which are critical to the nation’s economic development.
He called on banks to enhance their financing efforts for MSMEs and contribute to the establishment of a strong consumer credit culture in the country.
He said, “We would want 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 bitterly that they are unable to access even minimal cash when most needed. There seems to have been some moral hazard and adverse selection problems with the involvement of street-side PoS merchants.
“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.”
