By Esther Bassey
The Federal Government’s new rules limiting Point-of-Sale (POS) transactions have continued to stir mixed reactions among Nigerians.
The Central Bank of Nigeria (CBN) recently pegged the daily limit for POS operators at ₦1.2 million and ₦100,000 for individuals, explaining that the move is aimed at curbing fraud, money laundering, and other irregularities in the financial system.
But opinions remain divided on whether the policy is necessary or a burden on ordinary citizens.
A POS operator, Blessing Adewale, who spoke with Daily Sun, lamented that the limit would frustrate small business owners.
“This is our only means of survival. Some days I handle more than ₦1.5 million. With ₦1.2 million, I’ll have to turn customers away. It will affect us badly,” she said.
Olumide Ajayi, a civil servant, commended the move, saying it would restore sanity to the system.
“Some POS agents handle large cash without proper records. The rule will help control their activities and reduce suspicious transactions.”
A trader, Martha James, however, faulted the policy, saying, “POS has helped many of us who don’t have banks nearby. Instead of frustrating them, the government should support them with better monitoring.”
Conversely, Tunde Bakare, who is an IT Expert, expressed support for the new limit, describing it as a step in the right direction.
He said, “The industry needs structure. This will reduce fraud and make POS operations more professional.”
A hairdresser, Grace Odili, shared her reservations on the development, noting that the new rules will make life harder for Nigerians.
“Sometimes banks don’t have cash, and POS operators save us. Limiting them will cause more stress,” Odili stated.
A student, Emeka Nwosu, urged the government to reconsider the decision.
“POS is our easiest way to get cash. If they restrict it, we’ll go back to the same long queues at ATMs.”
For now, Nigerians remain divided over the new POS transaction rules, whether they will bring discipline to the sector or deepen the struggles of citizens who rely on POS services daily.
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