Vice President Kashim Shettima has urged the Central Bank of Nigeria (CBN) and commercial banks to take immediate action against the rising issue of high and unjustified charges imposed by Point-of-Sale (PoS) operators, which he claims hinder financial inclusion across the country.
Speaking through Dr. Tope Fasua, his Special Adviser on Economic Matters, during the 2024 Annual Bankers’ Committee Retreat in Abuja, Shettima highlighted the damaging effect these charges have on Nigerians, particularly during emergencies.
He condemned the “moral hazard” and “adverse selection” seen in PoS transactions, where merchants exploit customers with excessive fees. Shettima called for stronger regulations to ensure fair and transparent charges in the PoS sector.
He also emphasized the need for the banking sector to enhance support for Micro, Small, and Medium Enterprises (MSMEs) and back the government’s efforts to foster a solid consumer credit culture.
In his speech, Shettima noted the importance of diversifying Nigeria’s economy, reducing dependency on oil, and encouraging growth in non-oil exports.
He commended the banking sector’s role in supporting the country’s economic development and stressed the importance of collaboration to tackle Nigeria’s economic challenges.
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