POS business is one of the most destructive business enterprises to have entered the Nigerian business landscape. Buhari administration ran by half intelligent theoretical economists to it to a different new height when they began to empower people with POS machines as a means of creating businesses and employment opportunities.

We are yet to come to terms that our naira is being traded against itself within the country outside the bank system. With 80% of the cash in circulation in the hands of POS agents outside the banking system. The present CBN governor and his economic team who have been crying and complaining about the numerous amount of money in circulation not finding their way back into the banking system are proposing to legalize trading naira against naira in the country by compelling all POS agents to obtain CAC registration.

Sometime, some of us wonder how most policy makers think. Are they actually in tune with the real facts about things or do they just like deceiving themselves with big grammar.

The fact is, when a man is fixed on making money. He barely take stock of the cost. They can pay anything until he gets the money. When he gets the money and look at what it cost him to get it in most cases, it becomes a regret.

The present government is so fixed on taxing and milking the citizenry that they are destroying the economy without knowing. 80% of the ATM machines nationwide haven't dispensed cash in the last six months. There is no time you will get to an ATM machine in Nigeria and you will get cash. In fact, Gtbank are closing their e-centers where people use to get cash from ATM. They are dismantling their ATM system.

This started with the Advent of POS as a business. POS should be used by business people to collect payments where cash transfer is not reliable. Like Murdock said, "when the purpose of a thing is not known, abuse is inevitable". The purpose of many things in Nigeria aren't known. POS being at the front burner.

The banking system is gradually destroying the economy covertly encouraged by the CBN. Banks makes money of POS agents to the extent that every POS has a target transaction volume. Like what is happening in this country?

POS agent and banks make money on every transaction through a POS at the expenses of both the customer and the naira. POS is not a business, it is an economic sabotage service.

It is time, POS as a business is dismantled in this country.