Economy/FinanceNewsPolitics

CBN Begins Clamp Down on PoS Agents

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CBN Begins Clamp Down on PoS Agents

By Alabidun Shuaib AbdulRahman

The Central Bank of Nigeria, CBN, has announced plans to clamp down on unaccredited payment agents who are taking advantage of the public amid confusion over the currency redesign policy.

According to the CBN, these payment agents have turned themselves into fifth columnists, engaging in sharp practices that constitute economic sabotage.

The Director, Governor’s Department, CBN, Mr Joseph Omayuku, stated that the apex bank will carry out sting operations this week to arrest and prosecute these operators. T

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The CBN also expressed its displeasure with the exorbitant commissions charged by payment agents, describing their activities as fraudulent.

Omayuku warned those involved in illegal practices to desist, and advised members of the public to report any suspicious activity to the CBN Contact Centre or its social media handles.

He also debunked claims that the existing online payment platforms were inadequate to support large volumes of economic activities.

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