Vice President Kashim Shettima has urged the Central Bank of Nigeria (CBN) and commercial banks to address the high charges imposed by Point-of-Sale (POS) operators, describing them as a significant barrier to financial inclusion.
Speaking through Dr. Tope Fasua, Special Adviser to the President on Economic Matters, at the 2024 Annual Bankers’ Committee Retreat in Abuja, Shettima condemned the exploitative practices of some POS merchants, which he said impose unnecessary financial burdens on Nigerians, especially during emergencies.
He called for regulatory measures to ensure that POS charges are fair and transparent, citing widespread complaints about arbitrary fees.
“Nigerians complain bitterly about high and arbitrary charges and exploitation by rogue agents, which we are sure you will tackle with concerted efforts,” Shettima stated.
The Vice President also urged banks to increase their support for Micro, Small, and Medium Enterprises (MSMEs), which he called vital for economic growth.
He stressed the importance of boosting financing for MSMEs to diversify the economy and reduce dependence on oil.
Shettima commended the banking sector for its contributions to Nigeria’s economic development and emphasized the need for collaboration in addressing challenges such as inflation and unemployment.
He also highlighted the government’s ongoing reforms, including exchange rate unification, fuel subsidy removal, and tax reforms, as crucial for long-term economic stability, despite their initial challenges.
CBN Governor Olayemi Cardoso reiterated the need for innovation and collaboration to tackle Nigeria’s economic issues, stressing the importance of public-private partnerships in creating a sustainable financial future.
