POS Vendors In Anambra Charging ₦4,000 For Withdrawal Of ₦10,000
Godwin Emefiele, the governor of the Central Bank of Nigeria, announced February 10 as the new extension date for old naira notes to lose their legal status. Despite the deadline extension, Nigerians are struggling to get the new notes and some have refused to accept the old notes when tendered.
The CBN has fully embraced the cashless policy, owing to the redesign of some old naira notes and the recently implemented withdrawal policy. According to experts, Nigeria’s cashless policy will benefit convenience in cash transactions, allow transactions to be securely guarded and monitored in case of fraud or theft, and it will also help mobile banking flourish, allowing for the development of many more fintech companies and giving consumers a wide range of options.
However, Nigerians have been having trouble getting the new notes and many have turned to a point of sale (POS).
For ten thousand naira, Ahmed paid withdrawal charges of eight hundred naira, as opposed to the usual 200 naira. There are millions of Nigerians who have been forced to pay huge amounts of money just to have access to their own cash. There are many more who cannot get money either from ATMs or POS stations around them and so, they are left stranded, unable to make purchases or pay for services.
“I didn’t have a choice. I had to pay the charges because I wanted to use it for something very important,” Ahmed said.
In Anambra state, there are reports that POS Vendors In Anambra Charging ₦4,000 For Withdrawal Of ₦10,000
Nigeria is Nigeriang hard today. Filling stations refusing to sell via POS cos of so many failed/ reversed transactions. So cash only. However, No cash at ATMs cos new bank notes-gate. POS withdrawal guys on standby, say 1k for every 5K withdrawal. All this, just to get petrol.
— Ozzy (@ozzyetomi) January 31, 2023
Aside from the short supply of naira notes, both old and new, Nigerians have also been having trouble logging into their bank applications or making transfers. Odun Abolore, a student, forgot her ATM card when she was going to eat at a restaurant. She had finished eating and was about to make a transfer when she realised her bank app was currently out of service.
“I was so embarrassed. I thought to myself, “I should have paid before eating.” The food sef digested before I left the restaurant.” Abolore whined. She stayed behind for more than thirty minutes before she was able to make the money transfer. Abolore is not alone.
How are POS charges in your area?