Lagos: POS Operators Now In Charge As Banks,ATMs Stop Dispensing Cash

As the banks in Lagos metropolis are still not paying cash over the counter and the Automated Teller Machines, ATMs, continuing to witness long queues,
Point of Sales, POS, operators are smiling to the banks.

POS operators in Lagos metropolis now charge so high to render services to their customers.

The poor masses in Lagos have been going through a lot to withdraw their money in the bank.

Since the banks have refused carrying out on the counter payment and most
ATMs not working, POS operators have been their most reliable source of withdrawing cash.

Sadly, this comes with enormous price as the POS operators charge high commission for their services.

In the past to withdraw 5000 naira, the POS operators charged extra 100 naira but now they charge 500 naira.

To also withdraw 10,000 naira, the POS operators charge extra 1000 , while 20,000 naira withdrawal attracts 2000 naira commission.

Why the increase in their service charge?

Radio Nigeria spoke to some POS operators, who said they were charging more because paid higher to get the money for their business.

Most of them expressed regret that they had to source for money outside the banking halls.

According to them, the banks are no longer giving the money over the counter.

Some Lagosians complained that the about 1000% increase in service charge by the POS operators was too much.

The Central Bank of Nigeria, CBN’s aim of resigning the naira is to drive a cashless economy.

Has this purpose been achieved?

Some Lagosians believe that CBN cashless economy was gradually been achieved as they now make most of their payments via mobile and online transfers.

In as much as the Apex bank wants less cash in circulation, Lagos residents are pleading to them to instruct the commercial banks to put money in their ATMs and also pay money across the counters so that people do not start dying from starvation.

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