Cash Scarcity: POS Operators Increase Charges

Point of Sales, POS operators in Kaduna state have increased their charges on money withdrawn as the scarcity of new notes worsens across the country.

Although several POS operators have locked their business outlets following the scarcity of new notes, the few ones operating charged higher commissions as they only allowed customers to withdraw a maximum of N5,000.

According to Mallam Musa, a POS operator along Ibrahim Taiwo Road, Kaduna, “I charge N400 Naira on N5,000 withdrawal.”

According to him, he took a loan from traders since banks and ATMs were not ready to dispense money, adding that the amount charged included the money borrowed.

Also, Mrs. Rose Musa, who operates in Kakuri also in Kaduna State, said customers pay between N200 and N300 on withdrawals between N2000, N3,000, adding that she took a loan from a cooperative society.

According to her, the banks are not ready to give out new notes as the scarcity persists.

Meanwhile, customers flooded ATMs across the metropolis, waiting and expecting new currency, just as those who were frustrated looked for POS operators to make urgent withdrawals.

Alhaji Mustapha, who said he withdrew N100,000 from a POS operator in Nasarawa, said he paid N8,000 as commission.

Read also:

Nigerians Fight at ATM Machines over Cash Withdrawals (video)

Cash Scarcity: Security Men Scamper to Safety as Irate Customers Go on The Rampage in UBA Branch

Cash Scarcity: POS Operators Increase Charges