House of Representatives, yesterday, asked its Committees on Banking Regulations, Digital and Electronic Banking to invite the Minister of Finance, National Planning and Budget, and Governor of the Central Bank of Nigeria (CBN) to explain why commercial banks are not paying customers Over The Counter (OTC) and Automated Teller Machines (ATMs).

It also called on Point of Sale (POS) operators in the country to stop selling naira notes and to immediately remove excessive charges to customers across the country.

These followed the adoption of a motion entitled, ‘Need to Curb the Sale of Naira Notes by POS Operators in Nigeria’, moved by Mohammed Shehu.

The lawmakers urged the CBN to immediately commence proper monitoring and supervision of commercial banks’ activities daily to ascertain the extent of payment to customers.

The POS machine, the House noted, was invented to alleviate financial transaction bottlenecks from the commercial banks and to encourage cashless transactions.

According to the House, financial transaction machines have significantly transformed the financial sector in the country by assisting the public in resolving banking challenges in commercial banks.

The House said it was aware that POS machines had been adopted in advanced countries to facilitate financial transformation without manipulation.

It added that the innovation was adopted in Nigeria a few years ago to curb financial gridlocks and address daily challenges faced by customers to access funds.

Sections 1 and 2 of the CBN Act 2007 empowers the apex bank to regulate commercial banks and advise the government on financial issues to achieve good governance, the Green Chamber noted.

The House expressed worry that the POS operators were selling naira notes at exorbitant prices, charging N1,000 for N3,000 to N4,000, causing concern among citizens who are already experiencing economic hardship.