Connect with us

Hi, what are you looking for?

E-Financial

PoS operators hike charges by 100 per cent as Naira scarcity persists

PoS

Operators of Point of Sale (PoS) have increased their charges by 100 per cent for all transactions, following the scarcity of naira notes.

According to the PoS operators, the hike in charges is due to their inability to easily get cash from banks. They claim they were paying extra cost to be able to get cash to keep their business going.

They, however, feared that the 100 per cent hike could be a child’s play compared to what might happen should the situation persist.

The charges for N5,000 and N10,000 withdrawals which used to be N100 and N200, respectively, have been hiked to N200 and N400.The PoS operators say they approach fuel stations and supermarkets for cash and to get it, they have to part with some money as well. They say they infuse the money used to get the cash into their charges.

Meanwhile, most Automated Teller Machines in the capital city are not dispensing cash, while the few that were functional had crowds of customers scrambling to make withdrawals.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

Tech

Since Friday, December 27, 2024, when Starlink, Elon Musk’s satellite internet service, announced an increase in its monthly subscription prices across Nigeria, effective immediately...

News

A Federal High Court in Abuja has okayed the Economic and Financial Crimes Commission (EFCC)’s application to freeze 24 bank accounts domiciled in different...

News

Polaris Bank, in partnership with key stakeholders, has reaffirmed its commitment to combating the alarming rate of out-of-school children in Nigeria. Through its targeted...

News

Operatives of the National Drug Law Enforcement Agency, NDLEA, have arrested a 48-year-old businessman, Orizu Ifeanyi Arthur while attempting to board an Air France...