The House of Representatives on Wednesday invited Olayemi Cardoso, the governor of the Central Bank of Nigeria, and the CEOs of the nation’s commercial banks to come before it and offer solutions to the problems caused by the dearth of documentation of Point of Sale users nationwide.
Following a motion presented by John Okafor, the member representing the Ehime/Mbano/Uboma/Obowo Federal Constituency, Imo State, during Wednesday’s plenary, the House adopted the resolution.
The congressman noted the growing difficulties brought on by Nigerian POS users’ illegal identities.
He claims that POS users have been the target of incidences of financial system fraud and 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 from both party’s identities create a loophole for fraudulent activities, such as identity theft, money laundering, and unauthorized 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.
“The House is aware that proper documentation of POS users’ identities fosters accountability among operators and users. This transparency will help trace transactions back to the individuals involved, holding them accountable for illegal activities.
“Regulatory bias and enforcement challenge towards due process by the relevant regulatory bodies,” the All Progressives Congress legislator said and demanded that urgent action be taken.
