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How Are POS Operators Coping With The Current Cash Crunch? - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / How Are POS Operators Coping With The Current Cash Crunch? (16157 Views)

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Re: How Are POS Operators Coping With The Current Cash Crunch? by Olodo24: 9:17pm On Feb 23, 2023
babtoundey:



The few that are still operating have grown extremely greedy. One told me yester to use 600 to collect 2k.

Whetin remain for those POS operators na just to dey snatch people's card.
That's the standard rate in this part of PH. 300 per 1k. Some even charge 400. It's really terrible. My small money has been exhausted via POS charges. This hasty policy isn't fair at all
Re: How Are POS Operators Coping With The Current Cash Crunch? by ufotunang: 9:24pm On Feb 23, 2023
Many POS bussiness has closed down..see what Buhari and APC has caused... increasing the rate of unemployment..the change and next level nigerians voted for... nawaoooo
Re: How Are POS Operators Coping With The Current Cash Crunch? by Tunagee(m): 9:30pm On Feb 23, 2023
edoairways:

Have you forgotten that they buy cash? For example Mr A transfer N100,000 to get 70,000 cash,. how do you expect him to make profit if he doesn't increase his charges

No mind dem.
Re: How Are POS Operators Coping With The Current Cash Crunch? by Goodlady(f): 9:40pm On Feb 23, 2023
TheMostComplex1:


Note I don't have a candidate.
Whatever you feel Tinubu is reaping today is what he had sowed in 2015. They propagated politics of evil ie evil campaign
No. From the records, GEJ's govt was very corrupt
Re: How Are POS Operators Coping With The Current Cash Crunch? by babtoundey(m): 9:44pm On Feb 23, 2023
Olodo24:
That's the standard rate in this part of PH. 300 per 1k. Some even charge 400. It's really terrible. My small money has been exhausted via POS charges. This hasty policy isn't fair at all

It's very terrible. Everyone in Nigeria is Buhari

1 Like

Re: How Are POS Operators Coping With The Current Cash Crunch? by uchennaq(m): 10:04pm On Feb 23, 2023
POS operators are doing well. Some now make what they make in 3 days in just 1 day. They have opened accounts in so many banks now. Collecting maybe 10k from each banks of let's say 5 to 10 banks can give you 50k to 100k. Some are now charging 1500 for 5k. Do the maths your self and see the massive profit. My advice, stop blaming your village issue problem on POS people. A lot of them are millionaires already and they will continue making money, is just that you don't see it. Money don't last in their hands as people rush it because they need it. Government is your problem and not POS people. Why una never kill boutique operators that sell cloths of 1k for 10k?

1 Like

Re: How Are POS Operators Coping With The Current Cash Crunch? by iamsolasoul(f): 1:05am On Feb 24, 2023
Lookingback:


Can u get a cheaper flight?

Yes I just need the destination and the date local or international
Re: How Are POS Operators Coping With The Current Cash Crunch? by ikorodureporta: 4:01am On Feb 24, 2023
Wise ones don enta market dey go do business with traders & customers using ATM
Re: How Are POS Operators Coping With The Current Cash Crunch? by edoairways: 7:49am On Feb 24, 2023
President2001:

1, majority of citizen has exposed to cashless policy through transfer
2, from Monday people will troop to bank to get cash of new notes
3, many people have seen different in engaged their bank than POS [ third party]
4, pos that deposit old note has not and can never be as quick getting it
1. Majority of Nigerians may be exposed as opined by you however many of them find it difficult to use the on line platform. Many are skeptical about the policy since it take days for their money to be reversed. We still have poor network signal from our telecom operators. Before the implementation of such policy, bank like zenith had been having network downtime.
2. Even if they visit banks to make withdrawals, there are still many that would still using the thirty party. Many still want to use cash to transact business. Most banks rarely have cash at night at the ATM machine.
3. Pos agent are still relevant, many banks are located in cities and town hence it is difficult for rural dwellers to access their services. Infact they gain more in rural areas than cities and towns

2 Likes

Re: How Are POS Operators Coping With The Current Cash Crunch? by abidem4real: 9:18am On Feb 24, 2023
Axis313:
With the implementation of the now infamous CBN cashless policy, many Nigerians are groaning under the negative effect of it due to the absence of raw cash to run their day to day businesses and the POS operators are not exempted.

For example in my area, no POS operator opens again, no cash to run the business, except those that run other businesses with their POS, now I wonder how POS businesses in other places in the country makes ends meet without using other businesses to support it.
They had already enriched themselves during the severe heat of the saga. How they are coping now shouldn't be the business of any reasonable Nigerian.

Nigerian leaders are bad obviously but Nigerian citizens are worse. They always take advantage of maladministration of Nigerian leaders to enrich themselves even at the expense of their fellow Nigerians.
Re: How Are POS Operators Coping With The Current Cash Crunch? by Nobody: 9:25am On Feb 24, 2023
Most are just doing transfers, very very few have cash. This cashless policy has opened by eyes to the deficiencies in the business sector.

Many Small and Medium Nigerian businessess dont have POS machines, I mean they re way more cheaper and portable compared to how they were 15 years ago. You needed to a computer terminal with those touch screen monitors back then , but now you have a pocket device that you can carry about.

There is the traditional one and the android version, people dont know these devices are for business, they think its only about collecting cash.

Thats the mindset of a typical Rivers person who has never been to places like SPARS or shoprite.

How can someone have a business worth over 1million naira and not have a single POS machine, no bank account to transfer to.

I see bakeries in PH who only insist on cash even in this cash crunch era, but many are changing their mindset and adapting, especially those selling perishables, when you try to prove stubborn the loses go shine your eye.

Kudos to the policy, it causing people to have a rethink about what cash is meant for, no more spraying cash about , no more hoarding it any how as it can be redesigned on short notice.

It will expose loafers, scammers and parasites as they will become part of the regulated financial system whether they like it or not.

Business that wont adapt to it will become extinct over time, it will create a new generation of millionaires who adapt to it , good one for our youths if only they learn to read and think with their heads.
Re: How Are POS Operators Coping With The Current Cash Crunch? by ImoleNaija: 9:31am On Feb 24, 2023
edoairways:

Have you forgotten that they buy cash? For example Mr A transfer N100,000 to get 70,000 cash,. how do you expect him to make profit if he doesn't increase his charges

Tunagee:


No mind dem.

Mr. A is just being greedy. undecided
Re: How Are POS Operators Coping With The Current Cash Crunch? by Ayodeoba: 11:09am On Feb 24, 2023
chatinent:
The ones available in my area act as gods, and are routinely rude.
you were wishing for their end and they won’t pity you too based on the stress and high price they pay to get you cash
Re: How Are POS Operators Coping With The Current Cash Crunch? by chatinent: 11:14am On Feb 24, 2023
Ayodeoba:
you were wishing for their end and they won’t pity you too based on the stress and high price they pay to get you cash

The way you guys make conclusions tho.
Re: How Are POS Operators Coping With The Current Cash Crunch? by Lookingback: 11:19am On Feb 24, 2023
iamsolasoul:


Yes I just need the destination and the date local or international

International
1st ticket Abuja to toronto. July 28

2nd ticket Calgary to Lagos March 18th
Re: How Are POS Operators Coping With The Current Cash Crunch? by DasBeste: 9:29pm On Feb 24, 2023
Everybody will soon have their own POS machine thereby putting these evil POS operators out of business for good.
Re: How Are POS Operators Coping With The Current Cash Crunch? by iamsolasoul(f): 9:59am On Feb 25, 2023
Lookingback:


International
1st ticket Abuja to toronto. July 28

2nd ticket Calgary to Lagos March 18th

Good morning ,

sorry for my late response long day okay

do you have a preferred class of travel ?

Economy for 1st ticket is $903 payable in GBP it’s a British Airways flight connecting in London ,
Air Canada operated by Lufthansa connecting in Frankfurt you are looking at $1,112 payable in GBP

$1,112 in Naira is N 512,500 or £930
Re: How Are POS Operators Coping With The Current Cash Crunch? by Lookingback: 10:34am On Feb 25, 2023
iamsolasoul:


Good morning ,

sorry for my late response long day okay

do you have a preferred class of travel ?

Economy for 1st ticket is $903 payable in GBP it’s a British Airways flight connecting in London ,
Air Canada operated by Lufthansa connecting in Frankfurt you are looking at $1,112 payable in GBP

Give me a second for the second

Please put all cost in Naira.
Re: How Are POS Operators Coping With The Current Cash Crunch? by iamsolasoul(f): 9:17pm On Feb 25, 2023
Lookingback:


Please put all cost in Naira.

Ok thanks for your patience

We only accept payments via GBP please add a short description when paying but we can provide the NGN equivalent but you are paying in GBP only transfer issues are a problem. We have to brief our bank as well before hand that we are receiving a payment

These prices are valid today only

$903 is about N415,777 online but could be different when you actually transfer as well it’s also £ 755
Re: How Are POS Operators Coping With The Current Cash Crunch? by iamsolasoul(f): 10:09pm On Feb 25, 2023
Lookingback:


International
1st ticket Abuja to toronto. July 28

2nd ticket Calgary to Lagos March 18th

Please note all these fares are 1 month return tickets

The second ticket

Calgary to Lagos 18 March

Delta Airlines £1460 or N804,000 long layover in LAX

Multiple carriers West Jet and British Airways £1,528 or N841,000

It’s just easier to bank and do business from the UK than to be filling form
Re: How Are POS Operators Coping With The Current Cash Crunch? by Lookingback: 11:43am On Feb 26, 2023
iamsolasoul:


Please note all these fares are 1 month return tickets

The second ticket

Calgary to Lagos 18 March

Delta Airlines £1460 or N804,000 long layover in LAX

Multiple carriers West Jet and British Airways £1,528 or N841,000

It’s just easier to bank and do business from the UK than to be filling form

Ok.
The first ticket, Abuja to Toronto is a one way ticket,
And layover shouldnt be over 4to 5hrs.

The second ticket , Calgary to Lagos is a two way ticket but the return date is beyond one month( Vacation things in Nigeria). Layover shouldnt be more than 4 to 5 hrs.

Thanks
Re: How Are POS Operators Coping With The Current Cash Crunch? by iamsolasoul(f): 4:41pm On Feb 26, 2023
Lookingback:


Ok.
The first ticket, Abuja to Toronto is a one way ticket,
And layover shouldnt be over 4to 5hrs.
Correct layover is 5 hours maximum

The second ticket , Calgary to Lagos is a two way ticket but the return date is beyond one month( Vacation things in Nigeria). Layover shouldnt be more than 4 to 5 hrs.

Thanks

I will revert this evening with One way fare and also two months or three?

Please note all Fares are only guaranteed by purchase

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