The House of Representatives on Wednesday resolved to invite the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and the Chief Executive Officers of commercial banks to appear before it to propose solutions to the challenges posed by the lack of documentation of Point of Sale Users across the country.
The resolution of the House followed the consideration and adoption of a motion sponsored by the member representing Ehime/Mbano/Uboma/Obowo Federal Constituency, Imo State, John Okafor during Wednesday’s plenary.
Lobbying his colleagues for support for the motion, the lawmaker identified the increasing challenges associated with the undocumented identities of POS users in Nigeria.
According to him, cases of fraudulent activities within the financial system have been established against POS users, adding that there is “A necessity to combat such illicit practices and safeguard the integrity of financial transactions within Nigeria.”
He said, “The House is aware that undocumented POS transactions create a loophole for fraudulent activities, such as identity theft, money laundering, and unauthorised transactions.
“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.
