As the Yuletide season gradually draws nearer, the shortage of cash being experienced in most parts of the country is fast becoming a major source of concern and discomfort for many Nigerians.
Investigations revealed that the issue, which has persisted for several months and shows no signs of abating, may further compound the woes individuals and businesses have been grappling with since the beginning of the year, especially during the festive period.
For instance, some who spoke with the press complained that the charges on their withdrawals at PoS centres have increased astronomically, by between 100 and 200 percent.
Adams Makinde, who lives around Agbado Area in Alimosho Local Government Area of the state, said he was made to pay N200 on a N5,000 withdrawal at the PoS almost directly opposite the Police Station at Alagbado.
“I was surprised because the charges used to be N100 on a N5,000 withdrawal,” he stated.
He expressed fears that if the situation is not addressed before the Christmas and New Year festivals, it might further strain the finances of many Nigerians.
John Oladeinde, a Lagos resident who just returned from Ondo State, said he was made to pay N1,000 as charges for a N20,000 withdrawal while there for a function.
“The fact remains that none of the PoS operators I saw was even ready to part with that sum of money at once. They were all complaining of cash shortages until I found one that eventually charged that amount. I had to do it because I needed the money badly. Interestingly, there are indications that things may get worse during the Yuletide,” he added.
A PoS operator, Yetunde Momoh, attributed the development to inadequate cash at the banking halls and ATMs.
According to her, PoS operators, most of the time, can only manage to get N20,000 from the banks in a day. Others, she confessed, are usually sourced from market traders and petrol stations.
“These are unconventional means of sourcing these funds, hence the astronomical increase in the charges attached to the withdrawals. We are always told by our banks that there is no cash, and the little they have must be shared,” she added.
Investigations also revealed that most banks have reconfigured their Automated Teller Machines (ATMs) to dispense between N5,000 and as low as N1,000 for customers using cards from other banks.
For instance, at the Adeola Hopewell branch of Access Bank in Lagos, customers holding other bank’s cards can only withdraw N5,000 at once, while subsequent withdrawals attract charges.
“I think it’s even better here. At the First Bank branch, very close to this place, that I visited before coming here, it’s N1,000 for customers holding another bank’s card,” stated a customer, who was holding a Zenith Bank debit card and had come to use the Access Bank ATM at Adeola Hopewell.
In response to the situation, Central Bank of Nigeria (CBN) Governor Yemi Cardoso had warned that the apex bank would impose fines on financial institutions obstructing adequate cash availability.
Cardoso, at the annual Bankers’ Dinner hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos recently, also hinted at the apex bank’s plans to conduct on-the-spot checks on banks and sanction those found wanting.
But Olamide Ayedun, a finance expert, believes the apex bank has not been walking its talk.
“It’s easy to put the blame on banks and PoS operators, but the fact remains that it is impossible to be facing this type of challenge without the apex bank knowing,” he stated.
Ayedun is, however, of the opinion that the development may set the cashless policy of the apex bank back, as many Nigerians may resort to putting their funds “under their pillows” for fear of being denied access to their money whenever it is needed.///
Cash crunch bites harder as PoS operators increase charges by over 200%
