By Njoku Chijioke
Monday Ubani, a Senior Advocate of Nigeria (SAN), and former Chairman of the Nigerian Bar Association’s Section on Public Interest and Development Law (NBA-SPIDEL), has called for urgent regulatory intervention in Nigeria’s growing point of sale (PoS), transaction sector.
Ubani raised alarm over the increasing abuse of PoS terminals by criminal elements, particularly kidnappers and fraud syndicates; who exploit the lack of oversight to carry out illicit transactions.
He cited a recent case where a kidnap victim’s family was coerced into paying over ₦90 million in ransom through PoS, after which the money became untraceable.
According to him, the convenience of PoS has been weaponized, with the devices now serving as unregulated financial channels operating largely outside the purview of law enforcement and existing traceability frameworks.
To address the situation, Ubani urged the Central Bank of Nigeria (CBN), to introduce and enforce comprehensive regulations that will mandate the registration, licensing, and operational guidelines for all PoS operators in the country.
He also advocated for all PoS terminals and linked bank accounts to be tied to the operator’s Bank Verification Number (BVN), and National Identification Number (NIN), to ensure accountability and facilitate investigations.
Furthermore, he recommended the introduction of a mandatory identity verification process for individuals making withdrawals or transfers via PoS.
Ubani emphasized that safeguarding Nigeria’s financial ecosystem and justice system requires decisive action.
According to him, without effective regulation, PoS platforms will continue to pose a national security threat.
His call for reform, he noted, is not an attack on the convenience of financial technology but a necessary measure to prevent criminal exploitation and protect Nigerians from financial crime.
