POS SERVICE PRICES RISE 100% NATIONWIDE DUE TO NAIRA SCARCITY

Babatunji Wusu –

Elegede Segun, the recently elected secretary of the Nigerian Association of Mobile Money and Agent Banking Industry, verified this occurrence in a Tuesday interview with DAILY POST.

Segun emphasized that PoS operators are most impacted by the shortfall, forcing them to boost fees in order to maintain their operations. He attributed the spike in fees collected by PoS operators to the current Naira crisis.

Former Association publicity officer Segun explained that since Deposit Money Banks had placed N20,000 to N50,000 cash withdrawal caps on its customers, their members needed to look for other ways to get cash.

He further disclosed that the fees PoS agents pay to acquire money, say N100,000, from unofficial sources like gas station owners have increased from N800 to N1,600.

He said, “It has been difficult; our members have resorted to local arrangements to get cash,” acknowledging the difficult situation.

Segun clarified that members have modified their fees in accordance to the dynamics of supply and demand because of the scarcity. Customers now face extra difficulties as a result of banks restricting cash withdrawals from ATMs and over-the-counter transactions, particularly with a N50,000 maximum withdrawal ceiling.

“In the face of scarcity, people are turning to self-help as banks are not giving their customers enough cash,” he continued.