Growing frustration has been voiced by several Nigerians regarding the ongoing problem of automated teller machines (ATMs) running out of currency.
However, the PoS systems function as agent banking systems that offer consumers outside of the conventional banking system alternative financial services.
PoS agents can be used for bill payment, cash withdrawals, deposits, and money transfers.
Recall that earlier this year that Nigerian commercial banks have increased the amount that may be taken out of their automated teller machines.
Findings have shown that most banks no longer permit daily withdrawals from personal accounts exceeding N20,000.
As a result, PoS is now relied upon particularly during periods of financial scarcity.
Some claim that point-of-sale (POS) agents are saving lives, while others argue that they are increasing consumer risk and eroding the relationship between banks and their clients.
Femi Babatope said,
Michael Isreal who claims he withdraws money almost every day said,
Odunayo Aina said,
Meanwhile the perspective seem to differ on the part of PoS operators as they feel they are doing the public more good than harm
Ikechukwu Kelechi, a PoS operator said,
Praise Ifedolapo, another PoS agent said,
TimesNow.com.ng reported that experts said that the enormous amount of unbanked money had been seriously impeding the Central Bank of Nigeria’s (CBN) ability to effectively implement its policies and manage the country’s economy.
According to recent data available, the amount of currency held outside of Nigeria’s banking system increased to N3.79tn in June 2024 from N3.61tn in April.
The chief economist at Zenith Bank, Marcel Okeke, emphasised the importance of this issue, stressing that the significant volume of money outside the conventional banking sector hampers the CBN’s policy aims.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
Source: TimesNow.com.ng
