Point of Sales, POS, operators in every parts of Nigeria have increased their commission on money withdrawn as the scarcity of new notes worsened.
Although several POS operators have locked their business outlets following the scarcity of new notes, the few ones operating charged higher commissions as they only allowed customers to withdraw a maximum of N5,000.
According to Mallam Musa, a POS operator along Adeyemi Road in Ore, Odigbo, “I charge N1,000 Naira on N5,000 withdrawal.”
Mallam Musa reveals further that he took a loan from traders since banks and ATMs were not ready to dispense money, adding that the amount charged included the money borrowed.
Also, Mrs. Rose , who operates in Okitipupa, Area of Ondo State, said customers pay between N200 and N300 on withdrawals between N2000, N3,000, adding that she took a loan from a cooperative society.
According to her, the banks are not ready to give out new notes as the scarcity persists.
Adigun, who resides in Ajah, Lagos state said he withdrew N100,000 from a POS operator, they charged N8,000 as commission.
Videos circulating on social media reveals how people flooded ATMs across the metropolis, waiting and expecting new currency, just as those who were frustrated looked for POS operators to make urgent withdrawals.
Credit: Peak News