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Business News of Tuesday, 31 January 2023

Source: www.legit.ng

POS operators adjust charges as cash disappears in banks, ATMs after CBN extends deadline

The photo used to illustrate the story The photo used to illustrate the story

As long queues continued at banks' premises and ATM points, POS operators have decided to increase charges for desperate Nigerians in need of cash.

Legit.ng spoke to some POS operators around the Lagos metropolis and they all confirmed changes in charges for cash withdrawals.

If a customer requests new naira notes, the new charges will be even higher.

A PoS operator, Walter Udo in the Ipaja area of Lagos said he borrowed a little cash with him, and therefore cannot afford to give out N5,000 to one customer.

He lamented: “What I can give each customer is just N3,000 plus my N200 charges. It is not my fault, I had to increase it from 100 and also rationed what I have, banks are not giving out cash, even what I have is the old Naira notes.” The situation is not different for POS operators in Isolo, Ago Palace, Ikeja, and other locations in Lagos.

Kunle Afoloyan, a graduate of Lagos State University with five POS shops in Isolo, reveals that two of them are currently closed due to a lack of cash.

Afoloyan said: “ I do business with cash and it is very difficult to get cash at ATM and banks on Monday refused to give me the old notes.”

“I wanted N100,000 but one of the staff in the bank said they can only give me N30,000. How much can I make with it”

Afoloyan revealed that because of the limited cash he had to increase charges.

“Before now, I charge N100 for 1,000 to N5,000 withdrawals, now customers pay N200 charges while for withdrawals from N6,000 to N10,000 a customer pays N250 or N300." Also, Afeez Azmat another PoS operator believes that banks are being shady.

According to him, the new notes are available in most banks but only to a selected few who are willing to play ball with those in charge at the expense of needy members of the public."

He claimed that some of the big PoS operators in his location are conducting their operations as if nothing is happening.