Outrage In Ibadan As POS Operators Introduce 10% Charges For Transactions

Date: 01-02-2023 4:50 pm (1 month ago) | Author: Bayo Nelson
- at 1-02-2023 04:50 PM (1 month ago)
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According to a report by Daily Post, there is currently a growing rage among residents of Ibadan, Oyo State. This is because of the sudden introduction of a 10% charge per transaction among Point of Sales (POS) operators in the ancient city. DAILY POST reports that residents of Ibadan have been experiencing a scarcity of cash in the last few weeks following the CBN cash swap Policy.

The Central Bank of Nigeria (CBN) had a few weeks ago introduced the newly redesigned N200, N500 and N1000 denominations across the country. The apex bank had also directed commercial banks to fill their Automated Teller Machines (ATMs) with the newly redesigned naira notes. The apex bank through its Governor, Mr. Godwin Emefiele, stated that all banks are to accept the deposit of old Naira notes without charge and load ATMs with the redesigned banknotes.

The CBN also extended the deadline for the exchange of the old banknotes for the newly redesigned ones to 10th February. Our correspondent, however, learnt that POS operators in the ancient city have increased their transaction charges to ten per cent. Thie increase has been attributed to the shortage of cash (both old and new notes) in the last few days, because of the inability of some of the ATMs to dispense and the inability to withdraw money in the banking halls.

Following the situation, POS operators who usually charge N200 for a withdrawal of N10,000 and N100 for N5,000 now charge N1,000 and N500 respectively for the same amounts. The increase in POS charges is responsible for the growing outrage among residents of the ancient city.

Finding by DAILY POST on Tuesday and Wednesday in areas such as Dugbe, Iyaganku, Agodi gate, Sango, Apete, Mokola and Adamasingba revealed that residents were not comfortable with the development.

A resident of Ibadan, Mr. Deji who spoke with DAILY POST on Tuesday narrated that he paid N1,000 to withdraw N9,000. He lamented that he and many residents of the ancient city are finding it difficult to bear it.

“It is too bad. I paid N1000 to withdraw N9,000 at Adamasingba. We are not happy, there is no cash, ATMs are not dispensing cash POS operators are extorting us.

Another resident, Mr. Oludare expressed disappointment over the increment of the charges by the POS operators. He called on the CBN to intervene by mandating banks to fill their ATMs with cash.

“What I want to say is, the CBN should intervene. I have gone to many banks to withdraw but the queues are too much. It is difficult to enter the banking halls and POS operators are now charging ten per cent for any transaction”.

Mrs. Olayinka who spoke with DAILY POST on Wednesday in her remarks said the increment of the transaction charges has increased the suffering of the people of the ancient city.

“We don’t know who we offend in this country. We don’t have cash, ATMs are not dispensing, and the banking halls are a no-go area. The introduction of the ten per cent per transaction is unfortunate. You cannot withdraw without paying ten per cent. They collect N500 for N5,000 withdrawal which is too much”.

But, a POS operator in Dugbe said the need to increase the charges was necessary due to the scarcity of cash. She said that the POS operators are also using money to collect cash in banks.

“It is not our fault. We are now using money to collect cash in banks. That is why we have to charge ten per cent on every transaction”.

Posted: at 1-02-2023 04:50 PM (1 month ago) | Hero
- fineboy77 at 1-02-2023 05:14 PM (1 month ago)
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Wicked opportunists

Posted: at 1-02-2023 05:14 PM (1 month ago) | Hero
- gogoman at 1-02-2023 07:01 PM (1 month ago)
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oye make una still blame Buhari on this again  Roll Eyes Roll Eyes Roll Eyes
Posted: at 1-02-2023 07:01 PM (1 month ago) | Grande Master
- Allsense at 1-02-2023 08:20 PM (1 month ago)
That's their chance I don't blame them...why are commercial banks not filling their machines with cash, I wanted to withdraw 230k from a commercial bank yesterday for an urgent purpose and believe me I was told I can't get even up to 5k and I asked why but the cashier said that's how it is for now... that's unreasonable answer. Many frustrated people left the bank yesterday while some POS agents were already waiting outside the bank...when I saw people getting whatever amount they want from those agents I was baffled, I approached one of them to see if I could get up to that amount and she was like YES even if I want more. After my successful transaction from like 3 of the agents I asked the lady earlier why they charged me 10% she said before the banks could give them such amount they also paid dues and can only recover from 10% charges. The question is what is wrong with our banking industry generally and why is everything wrong in this stance. Nigeria need thorough restructuring and cleansing in every sector
Posted: at 1-02-2023 08:20 PM (1 month ago) | Gistmaniac