PoS Operators Suffer Low Patronage as Nigerians Withdraw From Other Sources
- Low patronage has raised worries among point-of-sale (POS) operators in Enugu State
- People now prefer to visit banks to pick up cash, according to the majority of point-of-sale owners
- Cash is currently being disbursed daily from all of the Automated Teller Machines held by the various banks
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Following the conclusion of the state's cash shortage, Enugu State point-of-sale (POS) operators have voiced concerns over low patronage.
Source: UGC
Since the Automatic Teller Machines began dispensing cash, the majority of POS owners stated that people now prefer to visit banks to pick up cash.
According to Leadership research, every Automated Teller Machine (ATM) owned by the different banks is currently disbursing cash every day.
People are no longer using the POS owners' services, even if the majority of the machines aren't giving out large amounts of money—possibly to discourage individuals who sell cash.
Ifeoma Obigeri, a POS operator in Maryland, Enugu, claimed that since ATMs began disbursing cash, she was having trouble earning enough money to support her kids.
“My brother, it is not funny, since today can you imagine that only three customers came to my stand. It is only today that I experience this low patronage.
“Although I’m happy that cash scarcity has disappeared in the banks since the Central Bank sanctioned some banks, we are now having low patronage because people now prefer to go to the banks to collect money, before, we were getting money from the markets and filling stations.
“If I’m asked to suggest, I will suggest that banks should concentrate on electronic banking so that we can also do our own business. If I tell you what the various POS Operators in Enugu are going through you will be surprised’” she stated.
According to Obinna Obikwu, another POS operator at New Haven Enugu, if the poor patronage persists, they would soon be put out of business.
“We have even reduced the money we collect as charge and yet we are still experiencing low patronage. There is an amount of money we are expected to make to continue having our machines. The situation is not palatable at all.
Earlier, the CBN brought an end to charge-free cash withdrawals from Automated Teller Machines (ATMs) across Nigeria.
Source: Getty Images
The CBN has introduced charges on ATM withdrawals from other banks, thus ending the three free withdrawals a month that customers previously enjoyed.
This is contained in a CBN circular released on the bank’s website on Tuesday, and signed by the Acting Director of the Financial Policy and Regulation Department, John S. Onojah.
Group explains why CBN should halt new ATM withdrawal charges
Legit.ng reported that President Bola Tinubu has been urged by the Socio-Economic Rights and Accountability Project (SERAP) to direct Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), to stop the increase in fees for Automated Teller Machine (ATM) transactions until the legality of the lawsuit has been resolved.
SERAP claimed that the CBN would be undermining the rule of law and the legal system if it were to impose the rise in ATM fees while the case was still pending in the Federal High Court in Lagos.
In addition, the civil society organization want the apex bank to halt the rise and await the resolution of the litigation in an open letter dated March 1, 2025, written by its Deputy Director Kolawole Oluwadare.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
