The Point-of-Sale (POS) ecosystem in Nigeria has reached a critical emergency point, with fraud escalating to levels that pose a direct threat to national security. According to the National President of the Association of Digital Payment and POS Operators of Nigeria (ADPPON), Mr. Paul Okafor, the rapid expansion of the industry has overwhelmed regulators, leaving significant gaps that criminals are exploiting.
The Chairman of the House of Representatives Ad-hoc Committee on the Economic, Regulatory and Security Implications of Cryptocurrency Adoption and POS Operations in Nigeria, Hon Olufemi Bamisile, has expressed deep concerns over the increasing fraud linked to POS operations and the infiltration of unlicensed crypto-related activities in the sector. “We are concerned about the growing rise in fraud associated with POS operations,” Bamisile said.