Point-of-sale operators across states in Nigeria have increased their service charges by 100 per cent following the Naira scarcity.
Elegede Segun, the secretary-elect of the Association of Mobile Money and Agent Banking Industry in Nigeria, confirmed this development to DAILY POST in a chat on Tuesday.
According to him, the hike in the fees charged by PoS operators was a result of the ongoing shortage of Naira nationwide,
He said PoS operators are worse hit by the scarcity; consequently, agents must hike fees to remain in business.
Segun, the former publicity officer of the Association, explained that their members had to source cash from alternative merchants since Deposit Money Banks had pegged cash withdrawal limits at N20,000 and N50,000.
He added that the charges PoS agents pay to get cash of N100,000 from alternative merchants, such as filling station operators, has been hiked from N800 to N1,600.
“It has been difficult; our members have resorted to local arrangements to get cash.
“Due to the scarcity, our members have increased their fees. It is a demand-and-supply situation. Most banks have a limit on cash withdrawals on ATMs and over-the-counter. The maximum withdrawal has been pegged at N50,000, which cannot serve one customer’s demand.
“As it is, banks are not giving out enough cash to customers.
“People are seeking self-help amid the scarcity”, he stated.
Meanwhile, the Central Bank of Nigeria had assured Nigerians of the availability of banknotes, blaming panic withdrawal of the currency for the seeming scarcity.
Despite CBN’s assurance, Nigerians have continued to groan as Naira scarcity persists.
Naira scarcity: PoS operators hike service charges by 100% nationwide
