PoS operators hike charges on withdrawal of old notes

The cash scarcity plaguing the country as a result of the Central Bank of Nigeria’s (CBN) redesigned notes and cash withdrawal limit policy deepened further at the weekend as point of sale (PoS) operators increased their charges to between 15 and 20 per cent to withdraw the old naira notes.

According to findings, N1,500 is charged to withdraw N10,000 while many cash-based businesses continued to suffer, regardless of the Supreme Court judgment and the decision of the Council of State meeting.

The surge in e-transactions as a result of the scarcity of cash has continued to exert pressure on infrastructure as there has been a surge in the level of transaction failures.  While many banks are  having issues with their mobile apps as a result of the surge, the rate of PoS transaction failure has also increased. Instances of customers being debited and not getting value are rampant with electronic transactions.