Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,143,490 members, 7,781,470 topics. Date: Friday, 29 March 2024 at 02:58 PM

Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents - Politics (4) - Nairaland

Nairaland Forum / Nairaland / General / Politics / Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents (15276 Views)

Tinubu Sets Up Special Panel To Probe N-Power, Others / Lagos Sets Up Special Team To Stop Street Begging, Hawking / Imo Attack: IGP Deploys Security Reinforcement Squads, Sets Up Special Team (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:27am On Feb 07, 2023
ChangetheChange:
Obaseki correct man
how is he a correct man, if you see how people are moving from one pos to another still yet need cash, .......... If POS operators closed up, we will suffer more, it won't do us any Good
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by lexy2014: 2:28am On Feb 07, 2023
Coolsperm:
The left Tinubu who is the major cause of this problem, Tinubu stole big money Tru bullion van during last election, Obaseki should leave POS people alone, Tinubu is a thief

Inasmuch as I agree with you that obaseki is confused, kindly clarify how Tinubu is the major cause of this problem?
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:28am On Feb 07, 2023
blowjohn:
Is it POS agents that are the cause or bank staff?
Can u imagine!!!

If not for pos sef we wudnt see money to get.

Go after the corrupt, selfish, stingy, greedy bank staff not pos agents.

Edo state doing the wrong thing
Thank you very much, pos operators are the reasons we are even seeing money to spend
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:29am On Feb 07, 2023
blowjohn:


Guy, banks r selling to them at high rates
Den go to bank and withdraw, anybody force you go POS??
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by lexy2014: 2:30am On Feb 07, 2023
blowjohn:
Is it POS agents that are the cause or bank staff?
Can u imagine!!!

If not for pos sef we wudnt see money to get.

Go after the corrupt, selfish, stingy, greedy bank staff not pos agents.

Edo state doing the wrong thing

What did bank staff do? How are bank staff "corrupt, selfish, stingy, greedy"? It seems you have a negative past or experience that is responsible or your outburst

1 Like

Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:31am On Feb 07, 2023
Cheapgadget:
I love this, POS business is the latest legit fraud taking over Nigeria and they do collaborate with banks that is why ATM is always down
Am just laughing at you, when they scap this POS, I pray problem that will make you looking for money should not come to you...... Na 2k bank dey give oooo
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:32am On Feb 07, 2023
Voiceofthestree:

Yes we know Pos are not the cause of the problem but how can a pos charge 3k just to withdraw 10k that’s wickedness nah
Go to your bank and withdraw

1 Like

Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by lexy2014: 2:32am On Feb 07, 2023
Kizyte:
Go to ATM, na POS people full the line with more than 15 ATM Cards per person. Normal people like you and me won't see money to withdraw.

POS operators are part of the reasons for this scarcity, same POS people will rip you off when you go to withdraw cash from them.

First of all, which ATM did you see money? Where did you see anyone with 15 ATM Cards per person?
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:35am On Feb 07, 2023
lordprogress:
Very good one, wicked folks 1 idiot girl they tell me to pay 1k to get 5k.
We are very terrible people, wicked people and wicked leaders, I now understand why we can't move forward as a country.
you move around all the POS, you were told "No cash" what will you d0??
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:39am On Feb 07, 2023
KushLyon:
Right now I don't even have any cash with me. I wanted to buy food earlier today and I told them I want to transfer but they said transfer attracts a fee of N100, I get choice? I tried to withdraw from POS and they said 2k withdrawal goes for N400, we finally agreed for N300 and when I tried to withdraw with my card, it was declined. See eh, this country don tire me, nothing is just working. No cash, and to pay with debit card is another problem on its own. Only God knows how I go chop tomorrow
Is there no bank in that location
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:44am On Feb 07, 2023
collins2good:
Are dey suppose to buy cash in the first place. Govenment is bad, and we are even worst than the government, most you gain from people suffering. Make person see truth talk, the charges are just too much.
Yes it's high, when they frustrate them now, and dey drop their POS............. When will you get your cash from
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:47am On Feb 07, 2023
Nathaniel111:
More hardship about to hit the streets, Pos operators will be forced to close their kiosk and stay indoors while the masses will now find it more difficult to get cash. grin
Thats what will happen ........ More suffering for the masses, Instead for them to tackle the main problem
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:50am On Feb 07, 2023
ezewealth:
I use to give cash to POS free, as a business man. I learnt a hard lesson when I brought my customer to one POS girl I used to give cash free, she charged the guy 1k for 12k, when I confronted her, she told me she even did it like DAT because of me DAT e suppose be 1k2h,. Now i now sell my cash 100k is 10k. I no no dey messy whose pos guys. Last week I made almost 50k. I come dey vex y I no start am since, because I been dey give free since dis brouhaha started. Until d girl made me get sense. I have said it times without number Nigerians doesn't deserve nice ppl

Exactly what happened to me, you will give them free, they will sell it for 300

2 Likes

Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:52am On Feb 07, 2023
chimpad:
Yes this is what we are saying. Take action! Mofos.
Then you will suffer more
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by gaddafe(m): 2:53am On Feb 07, 2023
Kizyte:
Go to ATM, na POS people full the line with more than 15 ATM Cards per person. Normal people like you and me won't see money to withdraw.

POS operators are part of the reasons for this scarcity, same POS people will rip you off when you go to withdraw cash from them.

This is a lie. I can confirm this as I also run a POS business. I know it has happened in some places where one or two persons possess multiple ATM but this is not how POS get their cash. Stop spreading lies. POS get their money from the black market. Infact many POS are currently out of business as we speak. In most areas where you used to have 7 or 12 POS operators you now find out only one or two are operating and in some instances none. How many POS operators you think have that time to start using multiple ATM to queue in the bank? You think that is the only business most operates? When you buy 100k for 15k , how do you expect them to break even? I pray the Edo State task force is effective so you guys will understand what hardship is all about.

3 Likes

Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by electhnd(m): 2:54am On Feb 07, 2023
AFONJACOW:
Pos agents are now banks that's supposes to release thr new note to the public abi. If their machines are dispensing the new note ppl will boycott pos agents...useless government always chasing shadows
And if POS operators goes under ground, the masses will suffer more, because no network
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by gaddafe(m): 3:12am On Feb 07, 2023
faceland:
How do you activate a POS device?

Can you just buy it online and use it? Does it has sim card or internet?

I want one for Business (not this agents business but to collect money for a local business).

If a Nigerian Police can have one, I am sure it is not too technical?

Go to your bank and make enquiry. It is usually free

1 Like

Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by egopersonified(f): 4:10am On Feb 07, 2023
Have you raised tax force to checkmate filling stations selling fuel at N500? We never ready for this country.
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by egopersonified(f): 4:14am On Feb 07, 2023
gaddafe:


This is a lie. I can confirm this as I also run a POS business. I know it has happened in some places where one or two persons possess multiple ATM but this is not how POS get their cash. Stop spreading lies. POS get their money from the black market. Infact many POS are currently out of business as we speak. In most areas where you used to have 7 or 12 POS operators you now find out only one or two are operating and in some instances none. How many POS operators you think have that time to start using multiple ATM to queue in the bank? You think that is the only business most operates? When you buy 100k for 15k , how do you expect them to break even? I pray the Edo State task force is effective so you guys will understand what hardship is all about.

Some Banks have one of their security men stand by the ATM to make sure you don't use more than one ATM card. A friend had to go to the ATM with her son for her to be able to withdraw 40k, 20k each.

1 Like

Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by orisa37: 4:23am On Feb 07, 2023
They're E-MEFIELE ELECTRONIC NAIRA
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by Patriotic9ja(m): 5:46am On Feb 07, 2023
Pacesetter123:

I tired..ooo my brother.
Which kind shortsighted leaders are this?

So annoying. Leaders without common sense
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by ezekins: 5:53am On Feb 07, 2023
Kizyte:
Go to ATM, na POS people full the line with more than 15 ATM Cards per person. Normal people like you and me won't see money to withdraw.

POS operators are part of the reasons for this scarcity, same POS people will rip you off when you go to withdraw cash from them.


You are one of those shifting blames. Pos agents are not your problem. Blame the cbn that hasn't circulated enough cash. Everyone needs cash for his or her business whether the person is pos agent or not. Have you noticed that Deposits are no longer coming to banks as it used to be? Even pos agents no longer getting Deposits as it used to be. Real pos agents don't rely on withdrawals from atm machines for their business if not for this scarcity of cash. Are you aware that some traders are refusing money transfers from potential buyers thereby increasing the demand for cash that is already scarce. Are you still are aware that some businesses and individuals who have collected cash from their customers, instead of depositing it at the banks, will refuse to do so, instead they will sell it to pos agents or other business establishments that need cash? Cash that the banks are loading at the atm machines are all coming from the cbn which is not even enough. Solution here is for the cbn to increase cash supply to banks to meet needs of Nigerians. The government, cbn has the statistical data of the amount of cash that Nigerians need but they have not met the demand. From my own analysis, the disadvantages this policy since it is not properly administered out weighs its advantages. The multiplier effects of this policy will result in jobs losses, high cost of running businesses, increase in inflation, naira trading, untold hardship, deaths and increased criminality.

2 Likes

Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by SamOchuko: 5:53am On Feb 07, 2023
chisomkachy:


https://twitter.com/GovernorObaseki/status/1622667672243642378?t=07Zbh7eUM0dPk1MF8uhdmw&s=19


You go set up? Nigeria politicians with “ I will “ oga set up the thing already, people are being frustrated already, they should begin with Evbhuku
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by obi58: 6:27am On Feb 07, 2023
Johnrake69:
This man is a clown. POS agents have nothing to do with the naira scarcity. It was same Pos agents that were charging just #200 for 20K withdrawal few months ago before Naira redesign.

If ATMs are dispensing cash nobody will bother using Pos agents. Some weeks ago in the whole of Ago and Okota only 1 Access bank atm was dispensing. This corridor has over 15 banks.

3 Access bank branches, 1 UBA, 1 Stanbic Ibtc, 1Ecobank, 1 Polaris, 1 Fidelity, 2 Gtbank branches, 1 Fcmb, 1 Zenith Bank, 1 Firstbank, 1 Sterling bank and 1 Keystone bank.

Politicians like to chase shadows. Police should raid every bank vault and charge both CEO and branch managers to court for committing felonies against the state.


You're just a clown.....

The reason for the whole new naira regime is to reduce Nigerian's overdependence on cash.

Abroad people don't move about with much physical cash when 99% of their transactions are paid for by card or transfer.

The demand for cash far exceeds supply that is why banks have difficulty in keeping their ATMs loaded.

It is the same problem with the new notes. Yes there is politics involved in it without a doubt but the fundamentals are the same. Government wants more people to go cashless. Now even if you load 20m in your ATM POS agents are on standby to withdraw all the money. I hear that now they even pay multiple people to go to the ATM and withdraw on their behalf. In addition they also have multiple cards all in a bid to bypass the CBN restrictions. As a result an ATM that could have served 500 people will end up serving just 50 people meanwhile not enough deposits are coming in because people are hoarding their cash either to use themselves or to sell to pos agents who of course will sell at ridiculous rates to Nigerians who no dey hear word. Even major cash depositors like fuel stations are not allowed to go and deposit their monies at the bank at close of business because POS agents are there to buy their cash! Banks thus are put Inbetween a rock and a hard place of limited supply and unlimited demand for cash!

If majority of small businesses start accepting transfers or get a POS for their business payments or get a QR code which a customer can scan and make payment, gradually demand for physical cash will reduce over time and with the reduction in demand, all those stockpiling their cash will release same into circulation.

Things are difficult right now in some areas crazy sef but I believe we are on the right track. Government should allow this scarcity to remain until after election after which they can relax some controls. There should be an expansion of network capacity by banks to accommodate the increased transfers which is sure to occur to ensure more customer buy in, improved service and reduced transfer issues which is the major reason why people distrust transfers.

Finally a task force should be setup to monitor cash pos operators to check their excesses and avoid over exploitation of the people. It's crazy for people to have to pay 1000 or 2000 naira to withdraw 10000 naira!
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by Geesaintagape: 6:50am On Feb 07, 2023
Simply suspend POS temporarily to reset their heads
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by Ayodeoba: 6:53am On Feb 07, 2023
abdul23:


grin grin grin honestly this country is cursed. Wtf did I just see. 50/50. This is beyond evil.
lol I am only trying to be considerate and also make sure you re not stranded because of cash, or how do you wants to share your money
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by blowjohn(m): 7:27am On Feb 07, 2023
lexy2014:


What did bank staff do? How are bank staff "corrupt, selfish, stingy, greedy"? It seems you have a negative past or experience that is responsible or your outburst

Bank staff sell the money to the POS instead of giving it to them the normal way. Ur talking as if u don't know what's happening. PoS agents are buying 10k notes at 12k at least
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by KushLyon(m): 7:27am On Feb 07, 2023
electhnd:

Is there no bank in that location

There are banks around but most of the ATMs are no longer dispensing cash by that time of the evening and the few that are still dispensing have a huge crowd around them
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by blowjohn(m): 7:29am On Feb 07, 2023
electhnd:

Den go to bank and withdraw, anybody force you go POS??

What are u saying?
Do u know the maximum u can withdraw in the bank??
Don't u know that the highest they can give u is 20k.

Some banks even give only 10k.

Be like say u no sabi wetin dey happen
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by KushLyon(m): 7:35am On Feb 07, 2023
obi58:


You're just a clown.....

The reason for the whole new naira regime is to reduce Nigerian's overdependence on cash.

Abroad people don't move about with much physical cash when 99% of their transactions are paid for by card or transfer.

The demand for cash far exceeds supply that is why banks have difficulty in keeping their ATMs loaded.

It is the same problem with the new notes. Yes there is politics involved in it without a doubt but the fundamentals are the same. Government wants more people to go cashless. Now even if you load 20m in your ATM POS agents are on standby to withdraw all the money. I hear that now they even pay multiple people to go to the ATM and withdraw on their behalf. In addition they also have multiple cards all in a bid to bypass the CBN restrictions. As a result an ATM that could have served 500 people will end up serving just 50 people meanwhile not enough deposits are coming in because people are hoarding their cash either to use themselves or to sell to pos agents who of course will sell at ridiculous rates to Nigerians who no dey hear word. Even major cash depositors like fuel stations are not allowed to go and deposit their monies at the bank at close of business because POS agents are there to buy their cash! Banks thus are put Inbetween a rock and a hard place of limited supply and unlimited demand for cash!

If majority of small businesses start accepting transfers or get a POS for their business payments or get a QR code which a customer can scan and make payment, gradually demand for physical cash will reduce over time and with the reduction in demand, all those stockpiling their cash will release same into circulation.

Things are difficult right now in some areas crazy sef but I believe we are on the right track. Government should allow this scarcity to remain until after election after which they can relax some controls. There should be an expansion of network capacity by banks to accommodate the increased transfers which is sure to occur to ensure more customer buy in, improved service and reduced transfer issues which is the major reason why people distrust transfers.

Finally a task force should be setup to monitor cash pos operators to check their excesses and avoid over exploitation of the people. It's crazy for people to have to pay 1000 or 2000 naira to withdraw 10000 naira!

We are not ready for a cashless economy. Since this whole new currency issue started, banks have been acting crazy and some bank apps don't even open at all. My debit cards haven't been working since for some days now and whenever I try to use a POS to pay, it get declined. As for bank transfer, a lot of businesses have started adding a fee to any transfer you do. I tried paying for something yesterday with bank transfer and the woman told me there's a fee of N100. We still have a very long way to go before we can embrace cashless economy, a lot of things have to be fixed first
Re: Naira Notes Scarcity: Edo Govt To Set Up Special Task Force On Pos Agents by obi58: 8:06am On Feb 07, 2023
KushLyon:


We are not ready for a cashless economy. Since this whole new currency issue started, banks have been acting crazy and some bank apps don't even open at all. My debit cards haven't been working since for some days now and whenever I try to use a POS to pay, it get declined. As for bank transfer, a lot of businesses have started adding a fee to any transfer you do. I tried paying for something yesterday with bank transfer and the woman told me there's a fee of N100. We still have a very long way to go before we can embrace cashless economy, a lot of things have to be fixed first

You are right but we must start somewhere. Truth be told the banks did not expand their network capacity in anticipation of increased card usage and mobile transfers with the advent of the Cashless policy.

(1) (2) (3) (4) (5) (Reply)

LP To Its Reps Members: You Have Failed To Be True Ambassadors Of The People / 21 Released Chibok Girls Travel Home For Christmas / Falana To FG: Propose Money Bill Before Implementing Increase In VAT

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 68
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.