Shettima urges CBN, banks to address arbitrary PoS charges

Shettima urges CBN, banks to address arbitrary PoS charges

By Fly Cable News

Vice President Kashim Shettima has called on the Central Bank of Nigeria and commercial banks to urgently address the growing concerns surrounding high and arbitrary charges imposed by Point-of-Sale operators, which he described as an impediment to financial inclusion in Nigeria.

Represented by the Special Adviser to the President on Economic matters, Dr Tope Fasua, Shettima made the call in a speech delivered at the 2024 Annual Bankers’ Committee Retreat in Abuja on Friday.

He decried what he called the “moral hazard” and “adverse selection” issues associated with POS merchants who have been accused of exploiting customers with excessive transaction fees.

Shettima also called on the banking sector to do more to support Micro, Small, and Medium Enterprises, which play a crucial role in Nigeria’s economic growth.

He encouraged banks to increase their involvement in financing MSMEs, while continuing to support government efforts in building a robust consumer credit culture.