Anambra banks reject customers’ cash withdrawals as PoS thrives

Commercial banks in Anambra State have been accused of hoarding cash to maximise profits during the Yuletide season.

Jude Udegbe, Chairman of the Anambra State Motorcycle Transport Welfare Association, leveled the allegations against banks in Nnewi, one of the commercial hubs of the State and its environs.

He lamented that real banking transactions had shifted to Point of Sale (POS) operators in the area.

“Currently, it’s challenging to withdraw up to N100,000 at once from any commercial bank within the industrial community,” Udegbe said.

He alleged that banks prefer to send large sums of money to POS operators in exchange for hefty commissions.

“Consequently, POS operators charge their customers exorbitant fees. This trend has exacerbated the economic hardship faced by the masses, Udegbe noted”, he said.

Even traders prefer dealing with POS operators, striking faster deals, rather than using banks.

“The banks have started hoarding available cash, as they did last year. Meanwhile, POS operators are maximising profits at their customers’ expense.

“The Government must intervene. This situation worsens the difficulties for people already traumatised by economic challenges”, Udegbe said..

Miss Chinwe Ufomba, a public servant also confirmed the hoarding of cash to customers by banks. “I have notice that it has become easy to collect money through the POS than doing so in the banks,” she said.

A senior staff in one of the banks in the area, who spoke under the under condition of anonymity, said that they were in business to make profit.

“We known that things are hard in the country, we work here with directives. We also make due with the money sent to our branch.

“We hardly hoard cash to make profit, but I will investigate,” he said.