From neighbourhood POS agents and retail stores to small offices and service providers, digital tools now handle payments, customer information and key business records.

But the more SMEs depend on technology, the more the risks increase. Financial fraud and cyber-enabled theft are major threats in emerging markets like Nigeria.

For small businesses operating on tight margins, one security breach can wipe out months of earnings. Protecting POS systems and office devices is not just an IT issue but a business necessity.

Common Security Threats Facing Nigerian SMEs

Understanding the risks is the first step toward prevention.

POS-related fraud in Nigeria usually involves stolen debit cards, compromised PINs or malware installed through unofficial applications. In some cases, fraudsters exploit weak passwords or unattended terminals to gain access.

Office devices face similar threats as malware can enter systems through infected flash drives, unsecured internet connections or shared computers. Public Wi-Fi and poorly protected routers also create openings for attackers.

Frequent power outages add to the risk. Interrupted software updates can leave devices exposed to known vulnerabilities. When combined, these issues make small businesses easy targets if proper safeguards are not in place.

Securing POS Systems at the Transaction Level

Because POS terminals are directly linked to cash flow, they require strict management.

Small businesses should obtain POS machines only from trusted banks or licensed fintech providers. Devices from recognised institutions are more likely to receive regular security updates and monitoring.

Strong password and PIN policies are equally important. Access to the POS terminal should be limited to authorised staff only. Business owners should also ensure that software updates are installed promptly, as many updates fix security weaknesses that criminals exploit.

Simple measures such as logging out after transactions and keeping terminals within sight can prevent everyday fraud incidents.

Protecting Office Devices and Business Networks

Computers, routers and smartphones used for business operations should not be overlooked.

Installing reliable antivirus software and activating built-in firewall protections can block many common threats. Systems should be updated regularly to close security gaps.

Wi-Fi security deserves special attention. Businesses should use strong router passwords and avoid sharing their primary office network with customers or personal devices.

Separating business operations from personal browsing reduces the risk of accidental downloads of harmful files.

Restricting the use of external storage devices like flash drives can also limit exposure to malware.

Staff Awareness and Daily Security Habits

Technology alone cannot stop cyber threats. Human error is still one of the biggest causes of security breaches.

Employees should be trained to recognise suspicious messages, fake payment alerts and unusual system behaviour. Login details must never be shared casually. Any lost device or suspected breach should be reported immediately.

These habits may seem basic, but they make a measurable difference. A security-conscious team is often the strongest defence a small business has.

Backup, Recovery and Regulatory Compliance

Even with safeguards in place, incidents can still occur. Preparing for the worst can reduce losses.

Regular data backups, whether stored securely in the cloud or offline, ensure that business records can be restored quickly. Clear internal steps should be outlined in case a POS terminal or office device is stolen or compromised.

Small businesses must also comply with Nigeria’s data protection rules, including the Nigeria Data Protection Act. Following regulatory guidelines not only protects customers’ information but also shields businesses from penalties and reputational damage.

Securing POS systems and office devices does not require heavy spending or complex infrastructure. What is most important is consistency.

Understanding common fraud tactics, strengthening access management, protecting networks and training staff will help SMEs in Nigeria significantly reduce their exposure to cyber risks.

With digital payments and online tools becoming standard in everyday commerce, treating device security as part of routine business practice is essential for long-term growth and stability.

The post How SMEs Can Secure POS Systems, Office Devices against Fraud appeared first on Tech | Business | Economy.

The Corporate Affairs Commission (CAC) announced that they will enforce mandatory registration for all Point-of-Sale (PoS) operators as from January 2026, while new tax laws now treat cryptocurrency profits as personal income and will be taxed accordingly.

These new changes matter greatly for millions of Nigerians who rely on mobile money and crypto for daily transactions, foreign remittances, and wealth management, potentially improving on security but also raising costs and compliance burdens.

These changes are targeted mainly at agent banking operators and the high crypto adoption ongoing across Africa, especially in Nigeria where POS agents serve as lifelines to “under-banked” areas and crypto especially stable coins helps to hedge against the volatile currency.

Over the last few years, Nigeria’s fintech sector has seen rapid growth, with over 5.9 million POS agents processing hundreds of trillions of naira in transactions and cryptocurrency trade hitting billions annually.

However, as electronic banking becomes more reliable and accessible to Nigeria’s growing population, certain risks like fraud, identity theft, and informal operations also increase.

This has prompted the current government to enforce regulations that reduce these risks and improve on the formal economy.

It is good to note that CAC first pushed for POS agent registration as far back as 2024 but extended deadlines due to very low compliance.

Meanwhile, cryptocurrency has been under several stiff regulations from the central bank for a while due to untraceable activities and alleged currency manipulation. The Tax Act of 2025 is meant to enforce taxation on both fiat and virtual assets and income and boost the formal sector.

What to Expect and Impact As From January 2026

For POS operators across Nigerian, CAC registration becomes mandatory, and they must register their business as formal entities with business names as the year progresses. Unregistered agents could risk terminal seizures and shutdowns by security agencies.

Also, fintechs like Opay and Moniepoint could face watchlisting or profiling from the CBN. CBN also wants to geo-tag POS terminals to fixed locations exclusive to one agent from April 2026. The goal is to reduce fraud related to anonymity while protecting the financial system.

For cryptocurrency, crypto gains will be taxed just like income tax from Jan 2026. This means any profit from cryptocurrency trade, NFTs, and other virtual assets will be treated as taxable income under the new tax laws that will be enforced in 2026.

These rules could potentially formalise financial operations in Nigeria, build trust in technology and and attract more foreign investors, but they might increase the fees passed to consumers and smaller agents or informal traders might find it hard to adjust.

Note that historically, tax compliance in Nigeria has always been lower than the continent’s average with a tax to GDP ratio of 10%, compared to the continental average of 18%.

As of 2022, only about 16% of Nigerians were active tax payers, while 9% of companies were captured in Nigeria’s tax net.

These figures show the significant challenge of voluntary tax participation in Nigeria, and the current tax reforms are meant to enforce compliance. Emphasis on “enforce”.

Tax reform chairman Taiwo Oyedele has noted that the new rules are meant to tax gains and ignore losses while being less than previous rates, only that it will be enforced this time around.

Conclusion

Nigeria’s Fintech regulatory changes for 2026 show that the system is maturing with stricter POS rules to reduce fraud and new crypto tax to formally integrate digital assets as recognized means of income.

For everyday users and operators, compliance is the key. While adjusting to these changes could be somehow challenging, they could lead to a safer financial system across Nigeria.

The post January 2026: What to Expect as New POS Regulations and Crypto Taxes Begin appeared first on Tech | Business | Economy.

While some see it as a move to regulate cash flow and curb financial abuse, others fear it could squeeze small operators and reduce access to financial services in rural areas.

Understanding the New Limit

Under the new framework, PoS agents can no longer conduct cash-out transactions beyond ₦1.2 million in a single day.

The CBN says this ceiling is meant to promote accountability and ensure that PoS operations are used for genuine financial services, not as informal cash hubs that undermine the formal banking system.

In addition, all PoS operators must use a dedicated account provided by their principal financial institution for all transactions.

The regulator frowns at the use of personal or non-designated accounts for agent banking, citing risks of money laundering, fraud, and weak oversight.

Geo-Tagging and Supervision

A major change is the requirement for geo-tagging, that is, linking every PoS terminal to a specific, registered business location.

This means agents can no longer move devices across towns or states at will. The CBN believes this will enhance traceability, help law enforcement, and reduce cases of fraud where rogue agents disappear after collecting funds.

Also, agents can no longer relocate or close their business without written approval from their sponsoring institution, and they must display a 30-day notice before any such move.

Protecting Consumers, Tightening Oversight

The CBN said these new limits and controls are part of efforts to strengthen consumer protection and clean up the agent banking ecosystem, which has grown rapidly since the cashless policy took root.

Over the years, the PoS business has become a crucial pillar of financial inclusion, especially in rural and semi-urban areas. However, it has also faced rising incidents of fraud, impersonation, and unlicensed operations, with some agents exploiting loopholes to carry out unregulated cash transfers or money laundering.

The apex bank insists that tightening rules is not to stifle business but to make the system safer for users.

By enforcing structured reporting and compliance, the CBN hopes to build greater trust in digital financial services.

What This Means for Operators

For small-scale PoS agents, the new ₦1.2m limit may initially appear restrictive, especially in high-traffic areas where daily volumes often exceed that threshold.

However, industry watchers note that the regulation might push operators to formalize their businesses, expand through agent networks, or partner with licensed super agents who have nationwide reach.

Super agents are also required to maintain at least 50 active agents across Nigeria’s six geopolitical zones, an effort to spread financial access evenly across the country.

The Bigger Picture

Beyond numbers, the CBN’s decision reflects a growing desire to balance financial inclusion with financial integrity.

As Nigeria continues to digitize payments, regulators are walking a fine line between encouraging innovation and preventing abuse.

By capping transaction limits and demanding stronger accountability, the apex bank is signaling a shift from rapid expansion to sustainable regulation, where the focus is not just on how many agents exist, but how transparent and compliant they are.

The post Why CBN Placed ₦1.2m Daily Transaction Limit on PoS Operators appeared first on Tech | Business | Economy.

Introduction

“Moniepoint don finish this market, Dayo. I am shutting down my agency banking division. Na just Opex dey there, I no see business. In fact, I need a foreign investor or startup to take it out of my hands before the end of the year. Plus, the recent CBN circular capping cash withdrawals at ₦100,000, you better focus on merchant payment collections. It has a higher margin sef.”

Ha! I exclaimed in response as I listened to a mentor over a cup of tea around Ikoyi. I was in Lagos in April to pitch our payment terminal solutions to few commercial banks, so I took some time out to meet my mentor who is an industry veteran with an active fintech in Nigeria with more licenses than we do.

But how did we get here? This POS agent turned pure water situation that we now find ourselves in.

Where there is so many POS agents that it would be considerable if the Central Bank of Nigeria stop issuing the license citing market saturation.

Where it is not unthinkable to cease customer acquisition for the business. Where getting a super-agent license is almost laughable.

To understand this situation or even chart a way forward for what agency banking could and should look like going forward, we need to understand where it’s coming from.

You see before POS Agents were ATMs. Yes, ATMs. ATMs that have now become building props; analogue jewelry serving as mere objects of decor to the bank’s building than as the store box of financial transactions they used to be.

Sometime in 2012, I got invited to a conference by Keystone Bank as one of their banking partners. This was thirteen years ago when I started my foray into the Nigerian Banking/Fintech space after taking over my father’s real estate business; one of the divisions of the business focused on finding high traffic and secured pedestrian locations where ATMs can be installed for commercial banks.

“We need 120,000 ATMs nationwide to serve the cash needs of Nigerians”. Seventeen-year-old me listened attentively to a representative of the CBN as he gave a lecture on Why banks need to improve their ATM Spread and Service Availability.

Around this time, a lot of the fast payment services we are now accustomed to were still at a nascent stage. In fact, few Banks could boast of internet banking or the quick mobile banking capabilities that are now synonymous with financial service delivery in Nigeria.

Today, the extent to which ATMs serve our cash needs is almost non-existent and the well-dreaded long ATM queues are now memories of a past replaced by POS Agents on every roadside peddling cash to Nigerians to care for it or should I say who can afford it.

Earlier this year (2025), banks borrowed over ₦8.2 trillion from the CBN in just 17 days to address cash shortages. Yet, the cash scarcity persisted. Customers, frustrated by long queues and empty ATMs, turned into a more accessible alternative: PoS agents.

If we needed 100,000 ATMs to serve Nigerian Cash Needs in 2012, surely over two million POS Agents peddling cash on the streets would be enough. I digress. Back to the topic at hand. A little trip down memory lane.

Agency Banking in the Beginning – A Vision for financial Inclusion

My AI Copilot tells me Agency Banking kicked off in 2013 with the first set of entrants such as Interswitch, Paga, and First Bank’s FirstMonie.

During this epoch (2013-2020), agency banking was strictly the purview of cybercafes – oh cybercafes – and business centers – primarily hubs for servicing document needs such as typing, printing, laminating, and photocopying – became the unlikely pioneers of Nigeria’s agency banking revolution.

These centers, somewhat trusted fixtures in their communities, were well-positioned to take on the additional role of financial service providers. And it made sense. With their existing infrastructure – computers, internet access, and a steady stream of foot traffic – they seamlessly integrated agency banking into their operations.

I recall multiple instances back at the University of Ilorin where I was faced with the difficult choice of trading N100 Paga Charge at the cybercafe or taking a N30 Taxi to face GTBank’s fluctuating ATMs at Tanke Junction.

According to Regulatory Framework for Agency Banking in Nigeria. The following entities are eligible for appointment as agents: Limited liability companies, sole proprietorships, Partnerships, Cooperative Societies, public entities, educational institutions, Trusts and any other entity which the CBN may prescribe.

If you asked anyone who cares, what the primary purpose of AGENCY BANKING Framework is in Nigeria? They’d say Financial Inclusion.

What is financial inclusion? Simply put, access to financial services.

But to what extent do agents provide access to financial services?

Do Agents provide access to financial services or access to cash? This brings us to where we are now.

Agency Banking as it is today – The New Pure Water Business

Originally intended to serve rural and underserved areas, these agents, often operating from roadside kiosks, shops, under umbrellas, or with as little as a table have now become the primary cash distributors in both urban and rural Nigeria.

With over 2.7 million PoS terminals compared to fewer than 21,500 ATMs nationwide, the imbalance is stark.

But for many Nigerians including myself, the convenience outweighs the cost. Unlike ATMs, PoS agents are everywhere, and they rarely run out of cash. Even for banks, the investment cost of a POS terminal is preferable to that of an ATM.

This shift has birthed a parallel cash economy. Some agents source cash through informal means—withdrawing large sums from ATMs meant for the public or buying cash from cash heavy businesses like fuel stations in exchange for digital transfers. This has created a shadow market where cash is a commodity, and access depends on who you know and how much you’re willing to pay. It is now common to find any shop offering PoS agent services.

The result? A system where cash is no longer free, and the poorest often pay the highest price.

So, the CBN responded with a mix of penalties and policy reforms. Most recent is the circular limiting cash withdrawal per day to N100,000, compulsory registration of PoS agents as businesses, and mandatory transaction routing through the right channel. At PayZeep, we have compliance checks in place for clients who rely on our agency’s banking APIs and white label PoS and mobile applications.

So, What’s next?

The future of agency banking – Giving the Agents Agency

As I think about the future of our agency banking business, one thing is clear: the future of banking in Nigeria will not be defined by marble halls or steel machines. It will be shaped by the people—by agents who bring financial services to the doorsteps of millions. But for this future to be sustainable, agency banking must evolve beyond the informal, cash-peddling model it has become.

How can we do this?

Understand that the Market Is Not Saturated—The Cities Are

Contrary to popular belief, the agency banking market is far from saturated. What’s saturated with are the cities. Rural and peri-urban areas remain underserved, and that’s where the next wave of growth lies. By strategically expanding into these regions, we can unlock new customer segments and deepen financial inclusion.

Expanding the Offerings and Looking the Part

The current landscape is dominated by makeshift setups, agents operating under umbrellas or in roadside stalls. While functional, these setups lack permanence, security, and professionalism. The next phase must prioritize structure and dignity and this role falls on the financial institutions.

Let’s eliminate the umbrellas and stick with the kiosks. Agency banking must move beyond cash-in/cash-out.

These agents can become low-cost real estate for selling a wide range of financial products and services:

Account Opening: Empowering Agents with Open Banking Tools

Super Agents can now leverage SANEF APIs to onboard customers directly at agent locations. These APIs allow agents to:

• Create Tier 1 and Tier 2 accounts instantly for individuals.
• Capture KYC data and submit it securely to banks.
• Issue digital wallets linked to mobile numbers.

If APIs like “Create Wallet by Bank” evolve to include broader access, such as linking to savings, loans, or insurance products, agents could become true frontliners of open banking. This would allow them to offer a full suite of financial services, not just basic transactions.

The Open Banking Nigeria API Standard supports this vision by enabling secure, consent-based data sharing between banks and third-party providers.

This means agents could eventually help customers compare products, switch banks, or access tailored financial tools, all from a kiosk. Imagine a super-agent location where you can open any bank account and get a debit/credit card immediately.

BVN & NIN Enrollment: Biometric Identity at the Last Mile

The Bank Verification Number (BVN) is a critical component of Nigeria’s financial identity system. Today, many rural dwellers still lack BVNs due to the distance from enrollment centers.

The National Identification Number (NIN) is also mandatory for SIM registration, banking, and government services.

Yet, many Nigerians, especially in rural areas, remain unregistered. By integrating biometric registration kits into agent locations, agents can:

• Enroll citizens for NINs.
• Update or verify existing NINs.
• Link NINs to BVNs and bank accounts.

This decentralization would drastically reduce onboarding friction and bring millions more into the formal financial system.

Card Issuance: Instant Access to Digital Payments

Some FinTech’s have already demonstrated the feasibility of instant card issuance at agent locations. This empowers customers with immediate access to digital payments, reducing reliance on cash. Imagine again, a situation where you can just walk into a bank’s agent location to replace your ATM card or file a transaction dispute.

Bill Payments & Tax Collection: Agents as Government Touchpoints

Agents already facilitate airtime top-ups and utility bill payments, but their role can expand to include:

• Tax collection for local and state governments.
• License renewals (e.g., driver’s licenses, business permits).
• Business Registration
• Social welfare disbursements and pension payments.

This turns agents into multi-service hubs, reducing the need for citizens to visit government offices and improving compliance through convenience.

One of our latest service offerings is targeted at local and state governments to empower youths in certain locations like markets and parks to deliver agency banking services and serves as Tax agents.

By expanding their capabilities and formalizing their infrastructure, agents can evolve from informal cash peddlers into true community bankers, trusted, tech-enabled, and deeply embedded in the financial lives of everyday Nigerians.

*Adedayo Awojobi is currently the COO of payZeep by Paymi Solutions ( a fintech company with pssp, ptsp and agency banking licenses). He is a seasoned entrepreneur and product management leader with over a decade of experience delivering impactful digital solutions across the fintech and enterprise software sectors.

The post Enough PoS Agents, It’s Time for Agency Banking appeared first on Tech | Business | Economy.

The directive, issued on 17 December 2024, aims to promote a cashless economy and enhance financial transparency in agency banking operations.

According to a circular signed by Oladimeji Yisa Taiwo on behalf of the Director of Payments System Management, the policy mandates all Deposit Money Banks, Microfinance Banks, Mobile Money Operators, and Superagents to comply with immediate effect. 

These measures aim to simplify agent banking services, prevent fraud, and encourage the adoption of electronic payment systems.

7 Key Highlights of the New Policy

1. Daily Cash-Out Limit: PoS agents must limit individual customer withdrawals to ₦100,000 per day.
2. Agent Cumulative Limit: Each PoS agent’s total daily transactions must not exceed ₦1.2 million.
3. Weekly Withdrawal Cap: Customers can withdraw a maximum of ₦500,000 per week, regardless of the channel used.
4. Separation of Services: PoS agents must clearly distinguish their banking activities from other merchant services and use an approved Agent Code (6010) for all transactions.
5. Float Accounts Usage: Transactions must be exclusively conducted through float accounts maintained with principal institutions.
6. Transaction Reporting: Agents are required to send daily transaction reports electronically to the Nigerian Inter-Bank Settlement System (NIBSS) using a template provided by the CBN.
7. Monitoring and Compliance: Institutions are tasked with monitoring agent accounts and ensuring all transactions adhere to the guidelines.

Monitoring and Penalties

The CBN has stressed that it will conduct regular oversight to ensure compliance. Institutions responsible for agent banking services are required to monitor linked accounts and report any unauthorised activities. Violations of these directives will attract heavy penalties, ranging from monetary fines to administrative sanctions.

While the policy aims to bolster financial inclusion and reduce fraud, it could lead to challenges for PoS operators and customers. Agents who depend on high-volume transactions may face operational difficulties, while customers in rural areas might experience reduced access to cash, especially during peak periods like the festive season.

Towards a Cashless Economy

This directive is part of the CBN’s strategy to promote a cashless financial system in Nigeria. In addressing operational irregularities and encouraging the use of electronic payment methods, the apex bank hopes to enhance financial accountability and security.

The CBN has urged all stakeholders to comply with the new guidelines and contribute to a stronger and secure banking system in the country.

The post 7 Key Highlights of CBN’s New ₦100,000 Cash-Out Limit for PoS Transactions appeared first on Tech | Business | Economy.

I was taken aback and when I asked why, she simply responded: “I haven’t been out for two days because I was looking for cash. They’ve increased the price.”

But who exactly are “they”? Are ATMs now charging to dispense cash? Do banks charge for cash withdrawals at the counter? 

The Issue

ATMs frequently run out of cash, while PoS agents somehow seem to always have cash available to “sell” at a premium. This has led to complaints about having to pay to access one’s own money.

While PoS services have undoubtedly brought financial inclusion to areas where banks are scarce, there’s a growing issue that some PoS operators might be exploiting the situation, taking advantage of this drive towards financial inclusion and a cashless economy. 

With limited ATM infrastructure and high demand for cash, PoS operators have become indispensable. However, the high fees charged by some agents are projecting unfairness.

Organised Labour Unhappy over “Cashless” ATMs

Analysis: The Numbers Behind the Problem

• PoS Charges: Some agents charge ₦100 for every ₦5,000 withdrawn, meaning an individual would pay ₦3,000 to access ₦150,000 of their own money. Now imagine the charges going up to ₦200.
• PoS Proliferation: As of 2024, there are over 3.04 million registered PoS terminals deployed across the country, compared to just 22,600 ATMs, making PoS a more accessible option for many Nigerians. 
• Cash Usage Trends: Currency held outside the banking system rose to ₦3.79tn in June 2024, up from ₦3.61tn in April.

These reveal the increasing demand and indispensability of the POS, with transactions hitting ₦6.23 trillion between January and July 2024.

The Role of PoS in Financial Inclusion

PoS agents have undeniably bridged a huge gap in Nigeria’s financial system. In remote or underserved areas, they bring banking services closer to the people, reducing the distance many must travel to withdraw cash or make simple transactions.

However, there’s a fine line between providing a necessary service and exploiting customers. With the CBN’s push for a cashless economy, PoS agents are a big part of the vision. But are we moving too quickly without addressing the financial stress this transition places on consumers?

The Cost of Convenience

For many Nigerians, the convenience of PoS agents comes at a high price. Take my recent experience: ₦200 to withdraw ₦5,000. This charge, while seemingly small, is a financial burden for people who rely on these services regularly.

Are these fees reflective of operating costs, or are some operators exploiting the situation? PoS agents argue that sourcing cash often involves added expenses, especially when ATMs run dry. While this is valid, consumers feel the sting of paying to access their own money.

Are PoS Agents Replacing Banks?

The perception that PoS agents are replacing traditional banks is widespread. Nevertheless, financial experts disagree with this notion.

At the TechConnect 4.0, Interswitch MD, Payment Processing and Switching, Akeem Lawal clarified:
“No, fintechs or PoS agents are not taking over banks. What has happened over the last five years is the deepening of financial inclusion. The mission is to reduce the reliance on cash altogether. 

“The focus is on promoting a cashless economy, driving the Central Bank of Nigeria (CBN)’s vision because cashless transactions are more efficient and transparent.

“PoS agents are part of the transition to a cashless future. When you go to an agent for a cash-based transaction, we are encouraging that interaction to shift from physical cash to digital payments.”

Traditional banks remain dominant in large-scale financial transactions and corporate services. PoS agents, on the other hand, cater to smaller, immediate needs, filling a gap left by limited banking infrastructure.

Adaobi Okerekocha, chief innovation officer at Interswitch, explained: “Cash is not the end goal; it’s just a means to access something else. Whether it’s paying for transport, school fees, or bills, the goal is to move those interactions into the digital space.”

To support this vision, companies like Interswitch are developing tools and products to make digital payments seamless for both businesses and individuals. 

“Ultimately, the shift towards a cashless economy requires a change in personal lifestyles and habits. People need to embrace digital payments as an alternative to cash for their daily needs.”

Achieving a fully cashless economy requires significant investment in digital infrastructure and public education.

Balancing Innovation and Accessibility

While PoS agents are essential to financial inclusion, the challenges springing up require a balanced approach:

• Standardising PoS Charges: Regulators must ensure that fees remain fair and transparent, protecting consumers from exploitation.
• Expanding ATM Infrastructure: Banks need to increase ATM availability, especially in high-demand areas.
• Promoting Digital Payments: Incentives for using digital payment platforms can reduce reliance on cash.

Nigerians are already facing enough economic challenges as it stands, so moving towards a cashless economy, the question: “Are we doing enough to ensure that everyone benefits fairly from this financial evolution?” must be looked into.

The answer lies in finding a balance—where innovation meets accessibility, and no one is left behind in the journey towards a digital financial future.

The post ₦200 for ₦5,000 – How PoS Charges Are Changing Everyday Transactions in Nigeria appeared first on Tech | Business | Economy.

Despite the Central Bank of Nigeria (CBN’s) claims of N3.4tr in circulation the action of the POS agents tend to suggest otherwise as some have adjusted their charges between 50% to 100%, depending on one’s location and bargaining power.

Also, several ATMs visited were not dispensing even as bank officials not making promises as when ATMs will continue normal cash dispensing.

However, the POS operators which were the available options for many people have now increased their charges, collecting between N300 and N400 for N10,000 withdrawal instead of the usual N200.

According to a Daily Trust report, POS operators alleged that staff of banks are demanding the sum of N10,000 to get N100,000.

Right now, some operators are charging between N300 and N400 for N10,000, our correspondent further reports.

No cash in the ATM machine of Fidelity Bank by NIMASA Headquarters on Burma Road, Apapa; Access Bank, GTB branches on Burma Road, are also not dispensing.

In Delta, POS operators charge N700 for N20,000. They charge between N200/N300 for N5,000. In some places within Delta State, POS operators charge N300 for N5,000.

Mrs Ese Rebowhe who is a POS operator in Asaba said, “When you go to the bank to collect money, you will not get it as you want; maybe you want to collect N20,000, they will only give you N5000.

In Abeokuta, Ogun State capital, POS operators have increased their charges from N100 to N200 on N5,000 withdrawal, following the naira scarcity in the state.

Findings by our correspondent also showed that commercial banks have pegged the amount of money that can be withdrawn over the counter to N20,000/N50,000.

But at the ATM stands, customers can only make withdrawals of N5,000 to N40,000. “Only Sterling Bank pays N150,000 at the ATM stand and it’s only for the bank’s customers,” a customer said. A POS operator in Abeokuta simply identified as Favour POS told Daily Trust that she now buys cash in order to stay in the business.

“It has affected me a lot. As it is now, I am buying cash. And the reason is that I don’t want to stay at home,” she said.

The Central Bank of Nigeria had on Wednesday assured that there is enough cash in circulation while blaming hoarding for the scarcity. (Daily Trust).

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