Bauchi Cattle Dealers Bemoan Alleged Fraudulent POS OPerators, Seek CBN’s Intervention

Cattle Dealers in Bauchi have bemoaned the spate of fraudulent activities by Point of Sale Operators (POS) operators targeting unsuspecting Fulani Herdsmen following the introduction of a cashless policy by the Central Bank of Nigeria (CBN).

The Chairman of Mararraban Liman Katagum Cattle Dealers, Hashimu Isah said this during an awareness campaign on new Naira Notes and the cashless policy by the CBN in collaboration with the National Orientation Agency (NOA).

He said since the introduction of the cashless policy, many fraudulent POS operators sprang into the markets unabatedly with herders who brought their cattle to the market for sale. 

The Chairman said this has raised fear in the minds of rural Fulani people with most of them shunning the cashless policy, and instead insisting on cash transactions. 

Alhaji Isah said their customers who are mostly rural dwellers do not accept new naira Notes arguing that the new notes are fake. 

Read: Do Redesigned Naira Notes Fade When Exposed to Water?

“There is the need for a massive awareness campaign on the new naira Notes targeting herdsmen in rural communities to increase acceptance of the new notes among them. 

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“Most of our customers are hesitant to open accounts with money agents of POS operators because of the track record of fraudulent activities by the operators. 

“We solicit CBN to consider sending their agents to the market to enable our customers open bank accounts and thus embrace the cashless policy of the apex bank.

“Previously, some commercial banks came with a proposal to set up an agentry here but we rejected the idea suspecting that it is a mete Ponzi scheme to dupe them but if it were CBN, they will not hesitate a moment to accept it,” he said. 

The Chairman called on the CBN to increase the window for using the old Naira Notes as legal tender to avoid the loss of billions of naira among Fulani herdsmen. 

Read: Deposit Old Naira Notes In Banks, CBN Tells Bauchi Traders

The Director  National Orientation Agency (NOA) Bauchi office, Nuru Yusuf Kobi said the recently introduced cashless economy of the Central Bank of Nigeria will end the spate of kidnappings, armed robbery and other forms of insecurity in the country.

He said the limited flow of cash among people gives impetus to Kidnappings as suspected kidnappers easily request ransom as a condition for the release of their victims. 

“With this cashless policy, kidnappers will have no money hence the safety and security of the citizens in their communities. 

“We encourage you to take old Naira Notes to banks. It is free. It is not an exchange because when you take the notes to banks, you will not be given new Naira Notes. 

“The idea is to reduce the circulation of currency in the population thus putting an end to it because your money is safe in the bank,” he said. 


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