POS operators and traders in Lagos have urged the Central Bank of Nigeria (CBN) and telecommunications companies to ensure uninterrupted service.
They made the appeal in separate interviews with NAN in Lagos on Thursday.
In light of the apex bank’s directive on cash withdrawal limits, they believe it is critical to have well-functioning POS machines.
They urged the CBN to restore people’s trust in the machines in order for them to stay in business.
Remember that the CBN has limited weekly cash withdrawals by individuals and corporate organizations across all channels to N500,000 and N5 million, respectively.
The policy became effective on January 9.
Divine Pataya, a trader in Lagos’ Oshodi Market, recounted his experience, saying that with the new policy and network disruptions, he did not think he could continue in business.
“When POS first came out, many banks used it to help us; I have four POS machines from four different banks, but I had to get rid of three because I don’t get instant alerts on transactions done through the machines,” Pataya explained.
“For instance, if I have 10 customers buy from me and make payment with the POS, their money will not come in that day until the next day.
“When it finally arrives, I won’t be able to tell who paid what because it will all be in bulk.”
Another operator, Uchechi Tunji, stated that money had been wrongfully deducted from her account several times via POS.
“When you go to your bank to file a complaint, the bank will tell you that an intermediary is looking into it. “It can take up to six months to get your money back,” she explained.
“I believe the CBN has a lot of work to do on that, and if the machines outside aren’t good, they need to provide us with good and effective ones, because we can’t go to the bank to withdraw a lot of cash again.”
Rekiyat Suleiman had lost a lot of customers due to the poor network.
She claims that when she tells customers to wait for alerts from her bank before leaving with their goods or money, they become angry and embarrassed.
“I’m not enjoying any of my three POS machines in my store because of failed transactions caused by poor network service,” she explained.
“The issue is that when customers pay with POS, their receipts are printed and handed to them.
“You will not receive a transaction alert for the next hour, and you will not want to release the goods.
“This has had a significant impact on my business; it is painful and embarrassing for the customer, and it has caused people to lose trust in the system.”
Meanwhile, Zainab Abdulmumini of the CBN’s consumer protection department stated that the CBN’s primary function is to promote a sound financial system.
Abdulmumini spoke at a recent sensitization tour in Lagos’ Balogun Market.
She stated that the CBN’s consumer protection department’s responsibility was to protect consumers and traders while also ensuring that they were not exploited by their banks.
“So, the first thing to do when you have a transaction issue is to meet with your bank, explain your problem, and make sure you have a tracking ID from your bank,” Abdulmumini explained.
“If your bank is not really doing anything about it, or your bank has done something about it and you are not okay with it, come to CBN’s consumer protection department.
She stated that contacting the consumer protection department was simple.
“You can contact them by emailing cpd@cbn.gov.ng or visiting any CBN branch in the country,” the apex bank official explained.
“You have the right to walk into the information and client office to lodge a complaint, or you can write a letter to the director, consumer protection department, and submit it in Abuja or any branch of your choice, and it will be handled free of charge.”
