By Chinedum Anayo
The Federal House of Representatives has deliberated on a motion aimed at verifying and documenting the identities of Point of Sale (POS) operators and fund recipients across Nigeria.
The motion, presented on Wednesday, November 27, 2024, by Hon. Chike Okafor, representing Okigwe South Federal Constituency of Imo State, seeks to curb fraudulent activities within Nigeria’s financial system by mandating identity documentation measures.
Hon. Okafor expressed concerns over the increasing risks posed by undocumented POS transactions, which he said create loopholes for criminal activities such as identity theft, money laundering, and unauthorized transactions.
“Undocumented POS transactions present significant risks by enabling fraudulent activities within the financial system.
“By enforcing the documentation of users’ identities, we can reduce fraud and strengthen the security of financial transactions in Nigeria.” He stressed.
The lawmaker emphasized that proper documentation would foster greater accountability among POS operators and users, allowing authorities to trace transactions back to individuals involved in illegal activities.
This, he said, would deter criminal misuse of POS systems and ensure justice where necessary.
He further noted that the measure would protect consumers and businesses from falling victim to fraudulent schemes while promoting trust in Nigeria’s financial system.
“This motion is about protecting Nigerians and building confidence in the cashless financial system, which is key to our economic growth,” Hon. Okafor explained.
The motion highlights the House of Representatives’ commitment to safeguarding the integrity of financial transactions in Nigeria and combating financial crimes.
