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POS operators charge N300 per N5,000, N500 for N10,000
From IKECHUKWU NNADI, Nsukka
Residents of the South East zone, comprising Abia, Anambra, Enugu, Ebonyi and Imo states have expressed sadness at the frustration and disappointments they experience while trying to carry out official transactions with their banks, describing the situation as deeply foreboding in the wake of the return of naira
scarcity in many banks in the zone, as the yuletide draws nearer and nearer.
Inquiries by Daily Query showed that since late September, 2024, many commercial banks have not been stocking their ATM terminals with cash due to naira scarcity in the South East.
Our investigations also revealed that many of such banks no longer pay more than N10,000 across the counter.
When our reporter visited a new generation bank at Okpara Avenue, Enugu, many customers were seen in a queue even as none of them was permitted to make a withdrawal above N10,000.
Some of the ATM terminals were configured in a way that none can dispense above N10,000 per transaction to any customer.
In Abakiliki, the Ebonyi State capital, our source revealed that at the ATM terminal of another new generation bank, one of the bank’s security guards was seen monitoring each and every withdrawal.
The security guard was said to be telling all the customers queued up that they should not make more than one withdrawal so other customers could withdraw. Only a few customers could make withdrawals as the cash got exhausted a few minutes after being loaded into the ATM.
Even in Onitsha, the commercial city Anambra State, known for its oft-heavy cash movement, the naira scarcity is also biting, underscoring the intensity of the problem.
Many ATM terminals visited by Daily Query in the commercial/industrial city were deserted due to lack of cash.
Our source and businessman at Onitsha main market told Daily Query that “our only savior is cash transfer and sometimes POS operators. I don’t know why every year, especially during the Christmas season, we in the
South East have to go through horrible experiences. Last two years, it was like this. Last year, we had the same experience. And this year, the ugly trend has started rearing its ugly head. This year naira started as
early as September. This indicates that in December, it is going to be very tough. It is going to be a hard time as far as naira and cash availability are concerned. We call on the government to do everything possible to solve this problem so as to alleviate the suffering of the
masses.”
POS operators hike their fee
When Daily Query visited some of POS operators, it was discovered that many of them have closed shop due to scarcity of cash.
At one of the functional POS stands, many customers were seen swarming around the operator, waiting to make some withdrawals.
However, the operator told our reporter that “we charge N300 for each withdrawal by the customer.”
“This is because there is scarcity of cash
in this part of the country. We charge N300 for any withdrawal from N5000 down. We charge N500 for N10,000 withdrawal. It is not our fault
because we too buy the cash at a very high cost,” she told Daily Query.
On how she sources cash for her business, the operator explained: “I have links with bank officials. They help us make huge withdrawals. I have accounts with three different commercial banks and the officials there
help me to withdraw at least one million naira from each and every one of them. Again, I have links with filling station owners. They help me with the cash they get every day.”
“As for the filling stations and other non-bank sources, we pay them for giving us cash. For instance, we pay as much as N15,000 to get N1m from a
filling station. It has not been easy but we have continued striving because we have to satisfy our customers,” the resourceful POS operator further narrated.
Daily Query visits one of the banks
However, when our reporter visited one of the new generation banks in Nsukka, Enugu state, there was a hell of complaints about ATM cards and withdrawal failures by customers queued up in the banking hall.
One of them who gave his name as Cyprian Nwankwo told our reporter: “I have been receiving my monthly salary in this bank for close to 10 years now. Two months ago, I came to make a withdrawal but they told me to go to the ATM terminal because they don’t have cash inside
here. I went to the ATM terminal, slotted in my ATM card. The machine debited me N40,000 but couldn’t dispense the cash. I came inside to lodge my complaint and till now, the problem is yet to be rectified.”
Nwankwo further agonized: “We are in a state of confusion here. You can’t withdraw your
hard-earned money, yet the electronic transfer is not going smoothly. Sometimes your money will hang for days and even weeks without any reason.”
Daily Query was unable to get the reactions from some of the bank officials on the matter, as many of them ignored efforts to engage them, preferring instead to attend to their customers.
Our reporter was also told the bank manager was not on seat and there was one to officially speak on the issues some customers complained about in their chats with the online platform.
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