The Nigerian House of Representatives has resolved to summon the Central Bank Governor, Olayemi Cardoso, and CEOs of commercial banks to address the lack of documentation for Point of Sale (POS) users across the country.

The resolution followed a motion presented by John Okafor, representing Ehime/Mbano/Uboma/Obowo Federal Constituency, during Wednesday’s plenary. Okafor highlighted growing concerns about undocumented POS transactions enabling fraudulent activities like identity theft and money laundering. He emphasized the need for stricter enforcement of identity documentation to safeguard financial integrity and align with anti-money laundering and “Know Your Customer” regulations.

Speaker Tajudeen Abbas directed four committees—Digital and Electronic Banking, Finance, Banking Regulations, and Financial Crimes—to engage the CBN and banks on the matter. The committees are to submit their findings within four weeks.