Growing frustration has been voiced by several Nigerians regarding the ongoing problem of automated teller machines (ATMs) running out of currency.

However, the PoS systems function as agent banking systems that offer consumers outside of the conventional banking system alternative financial services.

PoS agents can be used for bill payment, cash withdrawals, deposits, and money transfers.

Recall that earlier this year that Nigerian commercial banks have increased the amount that may be taken out of their automated teller machines.

Findings have shown that most banks no longer permit daily withdrawals from personal accounts exceeding N20,000. As a result, PoS is now relied upon particularly during periods of financial scarcity.

Some claim that point-of-sale (POS) agents are saving lives, while others argue that they are increasing consumer risk and eroding the relationship between banks and their clients.

Femi Babatope said, “The PoS thing is a big scam. It is like using money to buy my own money which doesn’t make much sense to me.”

Michael Isreal who claims he withdraws money almost every day said, “The money I have paid to PoS agent is enough to buy a car already. But the thing is; they are much more available and accessible compared to going to the bank or using some ATMs.”

“Agents are everywhere around you. but you could go to the ATM and then realise that money is finished.”

Odunayo Aina said, ‘PoS business has taken over the the essence of ATM machines. A lot of people now prefer to get money from the PoS agent nearby rather than worry about going to the ATM which may not give money.”

“N100 for every N5,000 is a bit high. Imagine collecting 5k everyday for one one, that means giving out N3,000 just to access N150,000 of my own money.”

Meanwhile the perspective seem to differ on the part of PoS operators as they feel they are doing the public more good than harm.

Ikechukwu Kelechi, a PoS operator said, “Assuning that PoS agents are not operational, how would you be able to access that urgent cash when ATMs fail to give you cash.”

“To me, I actually think that PoS availability has made things a lot more easier for everyone.”

Praise Ifedolapo, another PoS agent said, “People are comparing PoS to using the ATM but forgetting that the ATM also has its disadvantages.

Some people travel distance to use the ATM unlsike PoS you can find almost everywhere.

There is also the problem of not able to get money from the machine sometimes if banks don’t load money or the money finishes.”