The prevalence of fraud and forgery in Nigeria’s payment system has shown a significant shift in the first quarter of 2024, with Point-of-Sale (POS) transactions experiencing the highest increase in fraudulent activities. According to the Fraud and Forgeries Report in…
Point-of-Sale (POS) transaction values witnessed a downturn in Nigeria for the first quarter of 2024, registering a N225.73 billion drop when compared to the corresponding quarter of the previous year. This significant decline marks a 7.94 percent fall in the…
When the Central Bank of Nigeria (CBN) introduced the Point Of Sales(POS) in 2013 in Nigeria, though there was initial skepticism by the citizens of the efficacy of the device, people later embraced it after a series of sensitisations. People did…
The Inspector-General of Police (IGP), Kayode Egbetokun, has issued a ban on the use of electronic payment devices within police stations and other police facilities across the country. This was contained in a statement issued by the Force Public Relations…
Two POS operators in court for allegedly stealing over N2m Two men, Marcus Olaitan and Ajibade Adeolu, were on Monday arraigned before an Ikeja Chief Magistrate’s Court for allegedly stealing over N2 million from a First bank Automated Teller…
The Federal Competition and Consumer Protection Commission (FCCPC) says its investigations into the Point of Sale (PoS) operators service charge price increase is not a collaborative or cordinated approach. Mr Babatunde Irukera, the Executive Vice Chairman of the Commission, said…
An economist, Prof. Uche Uwaleke, has urged the Central Bank of Nigeria (CBN) to look into the new service charges on Point of Sale (PoS) trasactions by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN). Uwaleke, Professor…
…As Nigerian banks lose N472m to fraudsters A report on fraud and forgeries in the Nigerian Banking System has revealed that fraud increased by 19.51 per cent in Q1 2023 bringing the figures to 1,985 cases from 1,661 cases in the…
The operatives of the Economic and Financial Crimes Commission (EFCC) in Akure South and Akure North Local Government Areas of Ondo State have arrested some Point of Sales (PoS) operators allegedly selling naira at a high prices. It was gathered…
Gov. Godwin Obaseki of Edo, has promised to support Point of Sales (PoS) agents so they can begin cash payment to residents across markets pending when the banks will reopen for business. Recall that that banks in Benin were on…
