The House of Representatives has expressed concerns over the increasing challenges posed by the undocumented identity of Point of Sales (POS) users and funds recipients, mandating it Committees on Digital and Electronic Banking, Finance, Banking Regulations, and Financial Crimes to investigate the matter.
This followed a motion by Hon. John Okafor, who highlighted that undocumented POS transactions create a loophole for fraudulent activities, such as identity theft, money laundering, and unauthorized transactions.
He emphasized that implementing stringent identity verification measures to protect consumers and businesses from becoming vulnerable to fraudulent schemes carried out through POS transactions.
He added that the process would also build trust in the financial system and encourage greater participation in the growing cashless transactions system in Nigeria.
(Upsound- Hon. John Okafor, House Member, Imo State)
End.