…PoS operators charge as much as N300 on N5,000 withdrawal
As nationwide protests against alleged bad governance in Nigeria gathered momentum in some States of the Federation, deposit money banks and fintech banks’ customers in Abeokuta, Ogun State; Jos, Plateau State; Osogbo, Osun State; Ilorin, Kwara State and Akure, Ondo State, at the weekend, cried out for help as Automated Teller Machines (ATMs) were not dispensing cash, leaving many overstretched, stranded and unable to access funds.
Many of the customers and residents, however, resorted to the patronage of Point of Sales (PoS) operators in major cities and towns within the States mentioned as the PoS operators charged as much as N300 on every N5,000 withdrawn through PoS.
ATMs located inside some commercial banks in some areas such as Oke-Ilewo, Sapon, Lafenwa, Pansheke, Onikolobo, Ibara, Ake, Car-Wash, among others in Abeokuta, the Ogun State Capital, didn’t dispense cash, leaving bank customers and residents at the mercy of PoS operators who charged as much as N300 on every N5,000 withdrawn through their PoS terminals.
Same experiences were witnessed in Akure, Ondo State Capital, as residents who trooped out to withdraw cash in some places such as Alagbaka, Oba Adesida Road, Oba-Ile Raod, Akure-Owo Raod, Cathedral Area were disappointed as neither the ATMs of major deposits money banks dispensed cash nor the banks themselves opened for business.
Read also: Customers stranded as ATM machines dry up amidst protest in Jos
In Osogbo and Ile-Ife, Ilesha, all in Osun State, banks remained under lock and key, just as ATMs of commercial banks didn’t pay customers any cash. Checks by BusinessDay showed that ATMs in those areas, especially along Fagbewesa-Station Road, Ogo-Oluwa, Okefia in Osogbo, didn’t have cash to dispense as many residents resorted to patronizing PoS operators for cash.
In Ilorin, both commercial banks’ ATMs and PoS operators didn’t have money to pay customers. The deposit money banks located on Taiwo Raod, Tanke Raod, Post Office, Unity Road, among others, didn’t have money to dispense, just as many PoS operators didn’t have money to pay customers.
Rukayat Hassan, a PoS operator on Tanke Raod in Ilorin, Kwara State, said “it’s very hard to see cash; the protest has caused of lots of things since Thursday when they started, we only pray for a quick end to the protest.”
In Jos, Plateau State, all banks practically closed, while customers were unable to withdraw cash or conduct transactions. Many had to express their frustration, while some were calling on concerned Authorities to intervene.
Read also: Protests: What Nigerians are asking for
When BusinessDay visited some of the commercial banks in Jos, including UBA, Zenith Bank, and Access Bank, the situation was the same as customers were seen hanging around the ATMs, but none was dispensing cash.
“I came to the bank this morning to withdraw cash, but the ATM was not working, I need cash to buy food and other essential items, but now I’m stranded. This is unacceptable”; said Usman Ibrahim, a frustrated customer.
“I’ve been trying to withdraw cash since yesterday, but the ATM machines were not working, I’m starting to get worried. How am I supposed to feed my family?”, another customer, Mike Aware asked.
Aisha Aminu, a businesswoman, said the situation was affecting her livelihood. “I need cash to buy goods to sell, but now I’m stuck. This is a disaster. The authorities needs to do something about it”, she noted.
However, the situation at First Bank of Nigeria, Jos branch, located along Fidelis Tapgun road was different as two out of seven ATMs were dispensing cash to customers.
As the protest continues, many are worried about negative impacts on the economy and their daily lives, while the Government is yet to respond to the situation, leaving many to wonder what the future holds.
