Naira scarcity: PoS operators hike service charges by 100% nationwide

Point-of-sale operators in different states in Nigeria have doubled their service charges due to the Naira scarcity.

Elegede Segun, the incoming secretary of the Association of Mobile Money and Agent Banking Industry in Nigeria, verified this development to reporters in a chat on Tuesday.

He said the rise in the fees charged by PoS operators was caused by the ongoing lack of Naira nationwide.

He said PoS operators are the most affected by the scarcity; therefore, agents have to increase fees to stay in business.

Segun, the former public relations officer of the association, said that their members had to get cash from alternative sources since Deposit Money Banks had set cash withdrawal limits at N20,000 and N50,000.

He said that the fees PoS agents pay to get cash of N100,000 from alternative sources, such as petrol station operators, have gone up from N800 to N1,600.

“It has been tough; our members have turned to local solutions to get cash.

“Because of the scarcity, our members have raised their fees. It is a demand-and-supply situation. Most banks have a limit on cash withdrawals at ATMs and over-the-counter. The maximum withdrawal has been set at N50,000, which cannot meet one customer’s needs.

“As it is, banks are not dispensing enough cash to customers.

“People are looking for self-help amid the scarcity,” he said.

Meanwhile, the Central Bank of Nigeria had promised Nigerians the availability of banknotes, blaming the panic withdrawal of the currency for the apparent scarcity.

Despite CBN’s promise, Nigerians have kept on suffering as Naira scarcity continues.