Babatunji Wusu –
- Severe cash shortage: Residents of Kaduna, Kano, and Katsina are struggling to access cash, with many facing difficulties in withdrawing or receiving funds.
- POS vendors affected: Point of Sale (POS) vendors report that banks are limiting cash withdrawals to amounts under N20,000, leading to a higher demand for cash and inflated service charges.
- Impact on daily life: Residents, particularly in Kaduna, have called for urgent intervention by authorities to ease the cash shortage ahead of the Christmas and New Year celebrations.
- Rising service charges: POS vendors have raised their service fees due to limited cash availability, which adds further financial strain on customers.
- Frustration among small business owners: The cash shortage is particularly challenging for small business owners who rely heavily on cash transactions for their operations.
With less than two weeks remaining until Christmas and the New Year celebrations, residents of Kaduna, Kano, and Katsina States are grappling with severe cash shortages. The situation mirrors the challenges faced during the 2022 holiday season, leaving many locals frustrated and anxious about the upcoming festivities.
In Kaduna city, Point of Sale (POS) vendors are struggling to meet the high demand for cash, as banks have restricted cash withdrawals to amounts no higher than N20,000. Many vendors reported that they started experiencing this shortage in December. Adamu Amadu, a POS operator, explained that due to the scarcity of cash, they now charge higher fees for transactions. “We used to charge N100 per N10,000 transaction, but now we charge N200, and most of the time our cash finishes early due to the high demand,” he said, adding that Nigerians may not be ready for a cashless policy.
Similarly, Ibrahim Nur, another POS vendor, stated that he could only serve customers requesting smaller amounts, ranging from N1,000 to N10,000, due to the ongoing cash shortage.
Customers are also feeling the pressure, with some criticizing the high service fees charged by POS vendors. Bilkisu Moda shared her frustration after visiting three POS centers in search of cash without success, eventually having to withdraw from an ATM after a long walk. Jamila Sani, another customer, said she withdrew N5,000 and paid the usual N100 service fee, urging the government to take swift action to alleviate the hardships faced by the masses.
In Kafanchan, residents expressed their disappointment over the ongoing cash crisis, with POS operators like Felicia Christopher noting the negative impact on their businesses. As the holiday season approaches, the situation continues to disrupt daily life, and there are growing calls for urgent government intervention to resolve the cash shortage.
