A team of officials from the Central Bank of Nigeria, CBN, the Independence Corrupt Practices and Other Related Offenses Commission, ICPC, and the Economic and Financial Crimes Commission, EFCC, arrested four POS operators in Makurdi for extorting their customers.
The team, led by the CBN Director of Financial Markets, Dr. Angela-Sere Ejembi, conducted the sting operation in various parts of town, including Wurukum, North Bank, Wadata, High Level, and Gboko Road, to monitor their activities.
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The team concentrated on ensuring that the operators operated within the approved parameters by not charging excessive fees for services rendered and also making cash available to prospective customers.
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It should be noted that POS operators in Makurdi previously charged one percent for services rendered; however, following the CBN’s Naira swap and cashless policy, most POS operators in the state now charge between 10 and 30 percent for services rendered.
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Residents have repeatedly complained that the development has exacerbated their problems by forcing them to besiege any available ATM machine for cash.
Some of the arrested operators, who were apprehended in the town’s North Bank area, complained that they were forced to dispense cash to customers at rates higher than the CBN-approved threshold due to difficulties in obtaining funds.
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One of the female operators, who did not identify herself, stated that she spent money traveling from one ATM location to another in order to obtain cash and that “sometimes I also buy from traders in the market in order to meet customer demand.”
Meanwhile, the arrested individuals were turned over to the EFCC for questioning and possible prosecution.
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