Cash scarcity: Banks, PoS operators trade blame

By Francis Akinnodi


Some residents of Ondo State have decried the persistent cash scarcity, even amidst banks and Point of Sales (PoS) operators are trading blames over the situation.

Describing their experiences in separate interviews with newsmen in Akure yesterday, the residents said not so much had changed from what the situation was the last yuletide.

The Hope reports that some banks in Ondo State still have their limits on the amount of cash customers can withdraw from Automated Teller Machines (ATMs), even long after the festive season.

Describing his experience, an entrepreneur, John Alamu, said things were just a little bit better than they used to be during the Christmas period.

He noted that customers could only withdraw a maximum of N10,000 at some ATM points while many ATMs were empty.

“You will just see that you are moving from one point to another, looking for a working ATM to collect your money.

“The condition is still not pleasant, and this has forced many people to be patronising PoS operators,” Alamu said.

A food vendor, Taiye Adeolu, said she now kept her cash to herself and was no longer saving in the bank because getting cash to use for business had remained difficult.

“I go to the ATMs to get little amount of money, which is way below what I need to run my business.

“Imagine that you need N100,000 and you’re told you cannot get more than N5,000 or N10,000.

“The banks are just gaining from innocent Nigerians who are labouring tirelessly to feed themselves,” she said.

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A businessman, Mayowa Oluyinka, however, said he had devised a means out of the situation by patronising filling stations instead of bothering himself going to ATM points.

Oluyinka said in a generalised term that ATMs were no longer functioning, as those with money in the past no longer served their purposes.

A civil servant, Olawale Alabi, lamented how frustrated he was having to move from one ATM point to another only to discover that he could only withdraw N1,000 from the last machine he got to.

Alabi wondered why Nigerians must be subjected to so much stress from the banks while PoS operators always had cash to trade with.

Speaking on condition of anonymity, two bank officials, however, said the PoS operators should be held responsible for the scarcity.

One of the officials alleged that some of the operators had multiple accounts and ATM cards, thus moving from one point to another to withdraw all the cash meant for everyone.

Cash scarcity: Banks, PoS operators trade blame

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