Point of Service (POS) is a method or mini banking services where people go to do transactions: withdraw, transfer, or deposit money. It also serves as a means for customers to pay for goods and services or pay bills.
The POS machine is a potable device that allows businesses and accepts ATM cards, and payment for transactions.
POS centers help to reduce the queues in banks, ATM and make business transactions easier and faster. Some customers even prefer to pay for goods and services using their ATM cards.
In Nigeria, especially Lagos, there is the need for vigilance in the increasing numbers of POS centers, and as the number increases, so does the number of reports on fraudulent activities through this process increases.
Cyber criminals, popularly called ‘yahoo boys’, use the POS to dupe people and transact business without proper regulations like it is done in the banks. They prefer to patronise the POS centers.
There is need, therefore, for the CBN to scrutinise the businesses executed through POS centers.
Aisha Abdullahi,
Department of Mass Communication,
University of Maiduguri
