The POS business has grown to be one of the most lucrative in Nigeria. The business has simplified the cash collection process, which lessens the stress associated with waiting in line to use an ATM at a bank.
In a research carried out by VOICE AIR MEDIA, it revealed that the invention of POS was adopted in 2012 when the Central Bank of Nigeria, CBN, introduced the cashless policy. The result shown that the cashless policy was facilitated by 900,000 POS terminals, 14,000 ATMs across the country and 1.4 million agents nationwide. On that note, given the rise in recent years of electronic transactions, Nigerians have embraced POS business and it has also served as a source of income for them.
However, the Central Bank of Nigeria (CBN) recently announced the launch of the newly created N200, N500, and N1,000 banknotes into the financial sector on October 26, 2022.
According to some analysts, the new Naira notes will probably lessen corruption, advance a cashless society, and halt the unchecked flow of money throughout the country.
On the Naira redesign, the POS business has flopped across the country, thereby causing hardship for the agents/operators to disburse cash to their customers.
The governor of the central bank and many others could not foresee the situation the country is in today as a result of the order that the old Naira notes will no longer be accepted as legal tender in the nation on January 31. Following the CBN’s deadline date for all businesses and individuals to deposit the old naira notes, getting the newly designed notes has become a tug of war.
The scarcity of cash and inconveniences around the introduction of the new notes later made the CBN to extend the deadline to February 10.
Also, the Central Bank of Nigeria (CBN) had directed commercial banks to stop giving money to micro-finance banks and attempts made by their operators to get money from the CBN were futile as they were told by CBN officials that they can not get money.
Findings showed that to replace old naira notes with new ones in Zamfara and other northern states, Nigeria’s apex bank hired some microfinance banks and PoS operators.
Reports from credible media platforms also claimed that the CBN assembled some super POS operators across 36 states in its plans to replace old naira notes with new ones.
Point-of-sale (POS) operators who rely on micro-finance institutions to run their businesses. Many POS operators have closed their doors, although some have found support in other industries.
Speaking with a POS operator, who’s popularly known as “Mother” around Agunbelewo, Osogbo. The woman is also selling other goods like garri, rice and more. She explained that her survival is rest on the other things she’s selling. According to her, she didn’t even bothered to go to the bank to get cash since she have other source of income not until when she’s almost cashless to run other business that made her to stop giving cash to people. Notwithstanding, things is not going right with her because most of where she’s getting goods are not taking transfer.
According to Kolawole, he wouldn’t leave the bank’s property unless he could get hold of fresh Naira bills to pay for his family’s expenses and satisfy certain devoted clients who depend on him.
The 35-year-old point-of-sale employee, who arrived as early as 6:30 am, revealed that bank executives stocked the ATMs slowly, which heightened the already tense situation.
We were in line, and they gave us a number, but some of the line members were impatient, which made the process difficult. We had to plead with them to keep their cool and let the bank employees do their jobs. This place is so annoying, he continued.
Another point-of-sale operator, known only as Bayo, said that he has informed his clients that he is unable to procure either old or new Naira notes for them because he no longer comprehends the situation.
“Last day, I arrived here about 7:00 am and left around 5:00 pm. I was unable to acquire any money. I had to return today since I need to pay certain payments with the money. I used debt to purchase several groceries in my neighborhood, including garri, rice, and bean grains. A fairly dejected Bayo replied, “I need to pay off these obligations so that I can roam around without restriction.
Bayo claims that he regret returning the old Naira notes because doing so left him without any money when he would have had some on hand.
“We were duped into delivering outdated notes, and they later pushed back the deadline. The situation would not have gotten this much worse if they had postponed it sooner,” Bayo continued.
Because they went through hell to see those naira bills, Salam Aderibigbe have no problems with fellow POS operators who collect N1,000 for N10,000 in withdrawals.
Aderibigbe asserts that only people who live well at home are unable to comprehend the struggles POS workers face when trying to scan naira bills for payment.
I never beg for business. If you disagree with the claim, there was no collusion. It must be a joke because I can’t stand in the hot sun for hours on end and you want me to charge withdrawal fees as usual.
A 63-year-old man who only went by the name Baba Keepe revealed that because of his age and precarious health, he arrives extremely early to choose good numbers and stays at a friend’s shop close to the bank because he cannot risk remaining outside in the hot heat.
As affectionately referred to as Baba Keepe by admirers and clients, he confessed that he occasionally visits the bank if his alternative method of obtaining naira notes fails to yield any money.
When questioned about his other source of naira notes, he said that occasionally, local restaurants or provision shops feel sorry for him and give him some naira notes. In contrast to when I spend hours at the bank to collect money, I charge less when I receive these naira notes.
The shortage of naira notes has a higher impact on students residing in campus areas, according to a 26-year-old Osun State College of Education student named “Precious” who also works as a POS operator.
Could the scarcity of cash finally eradicate the POS business? This is unpredictable as it might turn back to it normal state after the CBN finally achieve their aim. But as at now, POS business is down. CONTINUE READING…………………………..
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