PoS operators in Nigeria raised fees due to a new ₦50 levy. The ₦50 levy applies to transactions of ₦10,000 or more. The charge affects both fintech platforms and bank-affiliated PoS agents. Point-of-Sale (PoS) operators across Nigeria have increased their withdrawal fees, now charging between ₦150 and ₦200 for every ₦5,000 transaction, up from ₦100 … Read more
Following cash crunch in Nigeria, a Kogi State born political activist and immediate past House of Representative candidate for Dekina/Bassa federal constituency, Usman Okai Austin, on Tuesday accused some Senior staff of commercial banks are selling money to operators of Point of Sales, PoS, operators. Okai said it’s now obvious that the PoS terminal are … Read more
As opposition grows against the proposed Tax Reform Bills in the National Assembly, influential Northern groups have expressed concerns over the potential economic implications for the region. These groups, while acknowledging the importance of tax reforms, have insisted on specific conditions to ensure the measures do not exacerbate the North’s existing economic challenges. The opposition … Read more
Despite recent directives from the Central Bank of Nigeria (CBN) to curb artificial cash scarcity, findings indicate that the situation remains dire in parts of the country. A November 29 circular, signed by Acting Directors Solaja Olayemi and Isa-Olatinwo Aisha, directed Deposit Money Banks to ensure efficient cash disbursement via ATMs and over-the-counter channels, warning … Read more
The Delta State Police Command has issued a stern warning to point-of-sale (POS) operators about the dangers of processing transactions exceeding ₦500,000. The Command’s Public Relations Officer, SP Bright Edafe, highlighted that such large transactions could implicate operators in criminal activities, particularly kidnappings. In a recent statement, SP Edafe shared the case of a POS … Read more
The Corporate Affairs Commission (CAC) has announced the commencement of strict measures, including the potential shutdown of Point of Sales (PoS) businesses that have failed to register by the September 5 deadline. This was disclosed in a public notice released on Friday. The Commission expressed concerns over the low compliance with its registration directive and … Read more
The Ekiti State Police Command has apprehended six individuals suspected of specializing in attacks on Point of Sale (POS) operators and traders, stealing their money. Commissioner of Police Mr. Adeniran Akinwale identified the suspects as Doyin Ajisafe, Joshua Olabanji, Femi Fasusi, Femi Adewale, Olayosi Adeolodi, and Ezekiel Babalola. Akinwale, represented by Police Public Relations Officer … Read more
Eko Hot Blog reports that the Registrar General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, disclosed reasons behind Government’s directive for Point of Sale (POS) providers, to register with the commission. He said criminals increasingly use POS machines to extort money from their victims. According to Magaji, the registration is to enable the … Read more
Eko Hot Blog reports that the Federal Government through the Corporate Affairs Commission has issued a two-month registration deadline to Point of Sales (PoS) companies, to register their agents, merchants, and individuals with the commission. The agreement was reached on Monday during a meeting between Fintechs and the Registrar-General CAC, Hussaini Ishaq Magaji, in Abuja. … Read more
EkoHotBlog reports that the Federal Government of Nigeria through the Federal Competition and Consumer Protection Commission (FCCPC) has barred PoS operators in Nigeria from increasing charges for PoS transactions. The Commission in a statement released on Wednesday and signed by its Chief ExecutiveOfficer, Mr. Babatunde Irukera, said the Federal Competition and Consumer Protection Act (FCCPA) … Read more
Controversy as POS operators accuse DPO of extortion in Lagos ….some of them are enablers of extortion — Police spokesperson EDITOR’S PICK Sanwo-Olu Unveils GAC Showroom, All-New GS4 Sanwo-Olu Reveals Why Ogun And Lagos Residents Must Remain United Nigeria’s Future Relies On Outcome Of 2023 General Election – Sanwo-Olu EKO HOT BLOG reports that eight point-of-sale … Read more