₦airaland Forum

Quinns:
Zenith can Neva have Money in their machine, like Neva.

As in bruh.. e reach ur side? My area here na one faulty ATM dem put here o … even if dem go put, las las 100k….. Zenith worst .. Ajeh….

Nazgul:
I don't need to know anything about the banking sector. I'm talking based on my experience.

How would you explain POS operators having cash and banks don't? You can't even withdraw 20k from you account. They'll tell you that what they can give to you is 10k.

Yet people walk into the banks to make deposits daily.

The way people walk into the banks to make deposits everyday is the same way people walk into the bank to withdraw.
Now let's say a branch of a bank has 10Million naira in their vault at the beginning of the day, you're not expecting them to load the whole of that money inside the ATM because they need to serve their own customers too.
Meanwhile, one ATM can take as much as 5-6million, imagine a branch with say 3 ATMs will need to have 15-18million to load(Take note that before 12noon, this ATMs would run out of cash)
Then we have customers (Fuel stations, supermarkets, etc) of banks that get huge cash receipts daily, instead of bringing the cash into the banking system, they would rather sell to POS operators at a profit.
So how exactly do you want banks to get cash to service customers?
You're talking based on your experience, yes I understand but you should also know that those within the system know what's going on and nobody would want to come out to accuse the regulators because of sanctions/fines and the rest.
No doubt that there's cash out there, but trust me the cash is not within the banking system and CBN should do the needful to bring the cash in.

Emma09:
Na POS people cause am. Serves them right. That Globus Bank is very notorious for not dispensing cash on their ATMs. I have never withdrawn from their ATM ever since banking with them.

Negroid001:
Why would banks not dispense cash?
Pos people don sabotage am. Nawa ooo. I insulted a merchant yesterday because of the hike in charges.

So POS don dey print cash abi...?

Where are the POS agents getting their cash from, if not from the same banks that wouldn't dispense cash, and other business owners.

You guys should stop shifting blames, the banks are the real problem here.

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

is it the 100 naira and 200 naira that you are paying to pos agents that is paining you like this or you want to transfer your po.verty aggression to them...
when you decides to collect money from pos agents,, you are paying for convenience and service rendered,, if that money is too big for u why not trek to the bank....
l am more than glad pos agents exist,, l don't have 5 minutes to waste following bank protocols even if the money is readily available... pos people are not your problem,, if you are too broke to pay for those tiny charges ,, trek to ur bank oga..

Very very good. How can A WHOLE BANK DON'T HAVE JUST 10K to give you.. Such a shame really!

Zenith will surely be there.... That useless bank

Bros, we've been paying #300 to get 10k from POS since over 1year,it's now 400. I think this CBN sanctions would help, at least I withdrew 40k from UBA along Sapele road today and they're all 1k mint, though I had to take only 5k
at once.

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

Dididrumz:
So POS don dey print cash abi...?

Where are the POS agents getting their cash from, if not from the same banks that wouldn't dispense cash, and other business owners.

You guys should stop shifting blames, the banks are the real problem here.

Pos merchant spotted lol

Mexyz:
The way people walk into the banks to make deposits everyday is the same way people walk into the bank to withdraw.
Now let's say a branch of a bank has 10Million naira in their vault at the beginning of the day, you're not expecting them to load the whole of that money inside the ATM because they need to serve their own customers too.
Meanwhile, one ATM can take as much as 5-6million, imagine a branch with say 3 ATMs will need to have 15-18million to load(Take note that before 12noon, this ATMs would run out of cash)
Then we have customers (Fuel stations, supermarkets, etc) of banks that get huge cash receipts daily, instead of bringing the cash into the banking system, they would rather sell to POS operators at a profit.
So how exactly do you want banks to get cash to service customers?
You're talking based on your experience, yes I understand but you should also know that those within the system know what's going on and nobody would want to come out to accuse the regulators because of sanctions/fines and the rest.
No doubt that there's cash out there, but trust me the cash is not within the banking system and CBN should do the needful to bring the cash in.

You just want to argue. If withdrawals from counter cancels deposits like you claim, how then do banks fill up their ATMs back in the past ?

You also dare to say when CBN are ready to make cash available they know what to do. You only want to argue. What you fail to understand is that CBN has the data of the financial flow in all banks and detailed information you do not know.


Stop defending rubbish. I have been to my bank that failed to pay substantially across the counter, failed to load the ATM, yet in my very presence, GMG of cash was brought in for deposits, even the next day, loading cash is an issue..

Stop defending nonsense

234GT:
Not true sir

POS operators highjack cash from filling stations and wholesale food sellers, thus stopping cash from getting to the bank in the first place. They are also first to get to the atms to empty the atms of the little cash banks manage to load.

The average professional staff in a Nigerian commercial bank is well paid, and would be actually under a curse to sell cash to POS operators.

I quiet agree with you on this. May be the best thing to do will be to scrap the POS business, since they have become a curse rather than a blessing. You carry your money to the bank, they accept any amount, only to attempt to withdraw, it becomes a problem, this should not be the case

I need the email and the contact number to CBN so to continue from here... I hate nonsense.

The most annoying people are the the POS operators

fergie001:
SOURCE

This is what currently happens in Nigeria:

You go to banks, they tell you they don't have cash. Their ATMs also, no cash but if you go to POS operator, POS operator will give you cash

You go to bank to deposit your money, the bank sells your cash to POS operators, POS operators sells the cash to you.

First bank should be number one...they hardly ever dispense cash. Especially Friday through Monday! Very unreliable bank for cash

UBA should be first on the list....



Nonsense 👎

It's we the customers that will pay for it.
No wonder they debited 2600 from my account without any reasonable explanation.
The thing pain me gan.
Fidelity bank. Nonsense bank.

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

Simply put an end to POS operators and there will be some sanity. It is simply nauseating to find that the same money that you want into to the banks to deposit for free requires to to pay huge amounts to money to withdraw from them. You are not permitted to keep huge sums of money in your home according to government. It is such a disgrace.

Osariemen12:
Selective justice system can never be fair.

If GT Bank is not on the list, it is biased. Let someone swear with his life that the GT Bank branch at NTA Road, Location junction, by the newly built flyover, Port Harcourt dispensed a dime throughout December 2024 and the first 14 days of 2025. Yet, the Fidelity Bank branch that is directly opposite it, by Genesis restaurant pays throughout the month and days in question, including Sundays. It dispenses cash even as I type now. The latter is fined while the former is free.

The system is biased.

This is a spot check on some locations and not all locations.

Na customers go still pay am back....

Access bank escape am?
When both their ATM and OTC does not have cash!
Issorait!!

fergie001:
SOURCE

I support CBN on this.

It would have been N2b and not paltry N150m

Mexyz:
The way some of you just make accusations and assumptions online without even knowing what's happening in the banking sector is surprising.
Oga you know absolutely nothing about the Operations of the banking sector, so stop throwing accusations anyhow.
When CBN are ready to make cash available to Nigerians, they know what to do.

So where do the POS operators get their cash from? CBN?

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

Well, your statement is best to your knowledge.
Most of this POS agent, always hang around ATM machine just to know when it is loaded. Infact, they have their association with the aim that, no money should be left in the ATM machine in other to direct customers to themselves. They call each other when ever they find out that, any machine is paying.

What do you think, led to limit in bank transactions? Formally one could withdraw 100k from ATM but now, you can not.
POS agent have 20 bank cards and will want to use all before giving room to other customers. Let's learn to reason from both sides

Osariemen12:
Selective justice system can never be fair.

If GT Bank is not on the list, it is biased. Let someone swear with his life that the GT Bank branch at NTA Road, Location junction, by the newly built flyover, Port Harcourt dispensed a dime throughout December 2024 and the first 14 days of 2025. Yet, the Fidelity Bank branch that is directly opposite it, by Genesis restaurant pays throughout the month and days in question, including Sundays. It dispenses cash even as I type now. The latter is fined while the former is free.

The system is biased.

oga u can't use sample statistic to draw inference.......bcus mgboba Nta road no pay no mean say .... Rumuokoro own no dey pay na......

[color=#006600][/color]

Osariemen12:
Selective justice system can never be fair.

If GT Bank is not on the list, it is biased. Let someone swear with his life that the GT Bank branch at NTA Road, Location junction, by the newly built flyover, Port Harcourt dispensed a dime throughout December 2024 and the first 14 days of 2025. Yet, the Fidelity Bank branch that is directly opposite it, by Genesis restaurant pays throughout the month and days in question, including Sundays. It dispenses cash even as I type now. The latter is fined while the former is free.

The system is biased.

You are really angry

[color=#006600][/color]

234GT:
Not true sir

POS operators highjack cash from filling stations and wholesale food sellers, thus stopping cash from getting to the bank in the first place. They are also first to get to the atms to empty the atms of the little cash banks manage to load.

The average professional staff in a Nigerian commercial bank is well paid, and would be actually under a curse to sell cash to POS operators.

A banker have ha ve spoken. For your information l know a banker that have POS business

Osariemen12:
Selective justice system can never be fair.

If GT Bank is not on the list, it is biased. Let someone swear with his life that the GT Bank branch at NTA Road, Location junction, by the newly built flyover, Port Harcourt dispensed a dime throughout December 2024 and the first 14 days of 2025. Yet, the Fidelity Bank branch that is directly opposite it, by Genesis restaurant pays throughout the month and days in question, including Sundays. It dispenses cash even as I type now. The latter is fined while the former is free.

The system is biased.

Gt for my area dey try sha...na Dem try pass

But if we're being fair,CBN suppose fine all naija banks.

ElevationD:
Simply put an end to POS operators and there will be some sanity. It is simply nauseating to find that the same money that you want into to the banks to deposit for free requires to to pay huge amounts to money to withdraw from them. You are not permitted to keep huge sums of money in your home according to government. It is such a disgrace.

Work nor dey,the small pos job wey some people dey manage you still wan pursue Dem comot...nawa for you o

Well explained and Pos are now crime spot as yahoo boys now steal details

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

Nazgul:
I don't need to know anything about the banking sector. I'm talking based on my experience.

How would you explain POS operators having cash and banks don't? You can't even withdraw 20k from you account. They'll tell you that what they can give to you is 10k.

Yet people walk into the banks to make deposits daily.

Oga again stop saying what you don’t know. The time there was cash scarcity Cbn directed banks to be paying not more than 50k over the counter and all CBN branches in Nigeria reduced withdrawals to give banks from 150m to 100m and a bank can only withdraw from Cbn twice weekly.

The bulk of those cash goes to the atm and on the ATM, there are limits. Before December ended, they started paying the usual amounts they pay over the counter because customers started bringing cash back. Instead of saying”I don’t need to know anything about the sector” out of frustration,
Ask questions.

Is there normal rate to sell naira?

Nazgul:
I've been complaining about this nonsense since.

You'll go to a bank ATM only to discover that they're not dispensing cash, yet all the POS agents around the banks all have cash. Before Ecobank Ojuelegba was demolished, there was a time I went there their atm wasn't dispensing cash, Access bank which is close to them too didn't have cash. Yet all the POS operators within that vicinity had suplurs cash. You can even request for 100k and they'll give you.

Even the banks who would manage to give you cash wouldn't give you above 10k. If you want anything above 10k go to POS.

Yesterday I made a withdrawal of 10k from a POS operator, she charged me N300. Yes you heard me right N300 to collect 10k. She told me that it's because of the new charges CBN put on them for 10k deposits and above. So if I want 50k I'll pay 1,500? What kind of robbery is that?

I've been saying this that banks deliberately starve their ATMs of money because many of them sell cash to POS operators who in return sell to customers at abnormal rates. CBN should keep up the good work they're doing by slamming them with heavy fines.

We are our problem in this country.

I want to assume that most Nigerians are affected by the inefficiency of cash machines (ATMs) these days, especially since the proliferation of the point-of-sale (POS) business.

Indeed, it is worth commending that the apex bank (CBN) has decided to step in and address this unfortunate practice; at least, it is better late than never.

However, let us try to re-examine this problem. Perhaps ask some pertinent questions:
1. Can this sanction by the CBN deter the Nigerian banks and enforce compliance?
2. Was the sanction fair enough?
3. Are we nearing the age of a cash economy?

1. Can this sanction by the CBN deter the Nigerian banks and enforce compliance?
Banks generate cash through customers' deposits and CBN supplies. In 2023, the CBN introduced a new policy in a bid to curb vote buying, that policy created a scarcity of cash that had ripple effects on Nigerians. That policy birthed the hoarding of cash by Nigerians, it also saw the proliferation of POS business. It also discouraged people from going to the bank. Of what use? People ask? We got used to that lifestyle, we learned a new way of survival.

This new life for us, Nigerians, means that we no longer go to the bank to deposit money. I cannot remember the last time I did likewise many of us here. Now, POS agents now deal with the headache of sourcing cash from wherever they can, whenever they can, and in whatever condition they can. Why would an average Nigerian pay transport money or stress his/herself going to the bank, waste time in the queue just to deposit money when I can just tell a POS agent to come and collect the same cash from my house, credit my bank account with ease and still reward me? So, cash deposits are continuously declining and will continue to decline unless there is a serious reform that will force a change in our behavior again.

Now we are left with CBN supply banks with cash. Recently, we don't get to see bullion vans as often as we used to because of two main reasons. (1) Too many attacks and robberies. (2) Shortage of cash. Bank hobs don't even get supplies from the CBN so, they cannot supply to their branches like before.

From my analysis thus far, we can deduce that banks' actions are largely influenced by these external forces. In all honesty, this sanction will not solve the problem. What would likely happen now is that banks will learn to adjust and become smarter with their machines (ATM) such that the more we 'go the look, the less we go the see'. If banks have cash, they will load their machine for customers to withdraw because there are inherent risks of holding cash in a bank vault including the cost of insuring the cash in the vault.

2. Was the sanction fair enough? In many Western countries, do they have and operate POS business the way we do in Nigeria? Can people who have traveled far and wide shed more light on this? If the answer is NO as I assume, why does the CBN allow this to happen? Other countries have control over almost everything their citizens do including fixing interest rates and all that. Now I am thinking, shouldn't there be a uniform charge for all the POS operators? Why are they allowed to take advantage of our situation to milk us further? How can one be paying a whooping ₦2,000 or even more to withdraw ₦100,000? That is a staggering 2%. If there were a policy that unifies POS business and protects customers, maybe people would be less likely to venture into it. And maybe too, we would head back to the bulk rooms to deposit our our excess cash. Now to address the question: was the sanction fair? I think the CBN has a share of the blame.

3. Are we nearing the age of a cash economy? The answer is YES! Some of our people in other countries can attest to the fact that they rarely touch and spend cash for months; even years. e-₦aira is a very wonderful thought-out project. Almost every adult in Nigeria has a BVN. Almost every adult has an NIN. According to Statista (2023), 93% of Nigerians have mobile phones. Why do we all buy one, two, or even three phones? Because we have realized that mobile phone is a necessity. In the same way, the e-₦aira is redesigned and well packaged, becomes attractive, efficient, and secure, Nigerians would embrace it wholeheartedly. At the rate of technological breakthroughs, the world is rapidly heading to a generation of an entirely cashless society. There would come a time when countries would no longer print notes at all. Everything would become a digital currency. (https://www.statista.com/statistics/1454538/share-of-population-using-mobile-phones-in-nigeria-by-type/#:~:text=As%20of%202023%2C%2093%20percent,respectively%20in%20the%20same%20year.)

This is my take on this.

Increase the fine to 1 billion naira. These banks are making huge profits daily, that 150m is nothing compared to the gains they're making from naira notes hoarding and trading