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CBN to Withdraw POS Agents License for Overcharge

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CEM REPORT, FINANCE | The Central Bank of Nigeria (CBN) has stated that it will withdraw the licenses of Point of Sale (PoS) agents found culpable of inflating the charges on customers who withdraw money from their POS in the state.

Director, of CBN Risk Management department, Blaise Ijebor, disclosed this yesterday while speaking with journalists on efforts of the apex bank and state government on ensuring the availability of cash in circulation.

He noted that the apex bank is aware of the indiscriminate practice of POS agents charging customers up to 30 percent before giving them money.


“We are monitoring the situation and anyone caught would have his or her license withdrawn and would not be in the business because we are going around with the Economic Financial Crimes Commission (EFCC).

“Customer should not be agitated, there is no need for any tension because your money is safe in the bank for now just get the little cash you need while using alternative means available to make payment”

While assuring that the CBN is working with the state government to improve the situation, he said they have disbursed closed N1 billion to banks between Sunday and Tuesday so that the people can make a withdrawal

Ijebor: “We gave banks about N400m on Sunday, N200m on Monday, and on Sunday, we have given N460m. So, we are pushing out money.”

Although it is not sure how the CBN plans to withdraw license as many POS operators are not licensed.

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