As the Christmas and New Year celebrations unfold, Enugu residents have sounded the alarm over the exorbitant fees being charged by Point of Service (POS) operators, urging relevant authorities to intervene and prevent the exploitation of people during this festive season.
Several residents, who spoke to LEADERSHIP, expressed concern over the steep fees imposed by POS operators, calling for immediate action to curb these exploitative practices.
Obinna Onyekwere, a resident of Obiagu, lamented that some POS operators were taking advantage of the season to exploit people by fabricating non-existent cash shortages.
Investigations revealed that these operators acquire substantial sums of money from banking halls daily and sell them at exorbitant rates, particularly targeting individuals planning to travel with cash.
Upon monitoring the activities of POS operators, our correspondent observed that they charge over N700 for every N10,000 cash withdrawal. For amounts exceeding N10,000, fees range between N1,000 and N2,000, while transactions above N100,000 naira incur charges exceeding N10,000.
A banker, speaking anonymously to our correspondent, asserted that the POS operators’ exploitation thrives due to the Automated Teller Machines (ATM) daily withdrawal limit of 40,000 naira per individual.
“There’s no actual cash scarcity; banks have sufficient cash for their customers. However, POS operators are actively creating an artificial scarcity. They gather substantial amounts from various banks and then sell the cash at exorbitant fees, taking advantage of people travelling to their villages. Unfortunately, some people contribute to this by being impatient,” the banker explained.
He also questioned the reliance on POS operators for cash transactions, suggesting that individuals should visit their banks directly to collect money instead of patronizing these operators.
