The Federal House of Representatives has taken steps to enforce verifiable documentation for Point of Sale (POS) operators and fund recipients across the country.

The motion, brought forward on Wednesday, November 27, 2024, by Hon. Chike Okafor, the representative of Okigwe South Federal Constituency in Imo State, seeks to combat the rising wave of fraudulent activities associated with POS transactions.

During the session, Hon. Okafor highlighted the vulnerabilities of undocumented POS operations, which he identified as channels for crimes such as identity theft, money laundering, and unauthorized financial dealings.

“Undocumented POS transactions have become a growing threat, providing an avenue for criminal activities to flourish.

“Mandating identity verification and documentation for all POS users is a necessary step to reduce fraud and bolster financial security in Nigeria.” Okafor stated.

According to the lawmaker, enforcing proper documentation would not only enhance accountability among operators but also enable law enforcement agencies to trace and prosecute offenders effectively.

“This motion is about protecting Nigerians and building confidence in the cashless financial system, which is key to our economic growth.” He said.

Hon. Okafor emphasized that the proposed measure aligns with the federal government’s drive to foster a cashless economy, ensuring that digital financial platforms are secure and reliable for all Nigerians.

The House is expected to deliberate further on the motion in subsequent sittings, signaling a commitment to tackling financial crimes and enhancing the trustworthiness of electronic payment systems.