PoS Operators Refuse to Roll Back Withdrawal Charges Despite Improving Cash Supply
- Some PoS operators are refusing to lower their withdrawal charges to pre-naira crisis levels
- This decision has left many customers disappointed and frustrated as they continue to face high transaction fees
- The operators have explained why they are still charging high fees on withdrawals despite improved cash supply
As Nigeria's cash scarcity continues to ease, customers are expressing disappointment as Point of Sale (PoS) operators have declined to reduce their withdrawal charges entirely.
Legit.ng observed that while PoS operators have reduced their charges, the current rates are still not at the same level as before the peak of the naira cash scarcity in late January and early February.
This has frustrated many customers, especially those relying heavily on PoS points for cash.
Source: Facebook
Prior to the naira cash scarcity, Nigerians paid N100 for withdrawals up to N5,000 and N200 for withdrawals up to N10,000, while a withdrawal of N20,000 attracted a charge of N400.
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However, during the crisis, the charges increased significantly, and it appears that PoS operators are reluctant to revert to the previous fee structure.
Tribune reveals that residents pay between N200 and N500 for every N1,000 cash withdrawal at POS points; only a few presently charge N100 per N1,000.
Pos Operators speak
Speaking to a PoS operator in Ikeja, Jamiu Alaba said maintaining profitability is critical.
"Yes, I am yet to reverse my charges to previous charges. Although I have slashed it.
"You can't blame me, it is still very difficult to get cash. I charge N200 for withdrawals up to N3,000 and N400 for withdrawals up to N8,000."
Another PoS operator who simply gave his name as Mathew said:
All my staff have been instructed to charge N400 for withdrawals up to N5,000, and N500 for withdrawals up to N10,000.
"Withdrawals between N13,000 and N15,000 attract a service charge of N600, while any amount above N22,000 incurs a fee of N650 for the customer.
CBN to close millions of bank accounts in Access, UBA, Zenith, and others
Meanwhile, in another report, Legit.ng revealed that the CBN plans to close bank accounts without BVN to clean up the sector and reduce fraud.
BVN is a unique identifier capturing biometric data used to verify customer identities and prevent fraud.
There are 24 commercial banks operating in Nigeria, including Access, GTB, UBA, Zenith, and other financial institutions that require BVN.
Source: Legit.ng
