₦airaland Forum

In recent years, the practice of selling cash for withdrawals has become a common trend in Nigeria, especially during periods of cash scarcity like we witnessed with the naira redesign policy in 2023. POS agents now charge exorbitant fees for cash withdrawals, with charges reaching as high as ₦1,000 for ₦5,000 during crises.


This practice, while seemingly helpful, raises major concerns:
Erosion of Purchasing Power :High fees reduce consumers’ disposable income.
Inflationary Pressures :Businesses pass increased costs to consumers, driving inflation.
Widening Inequality : Low-income earners and rural dwellers bear the brunt of this exploitation.
Distrust in Banking : Many Nigerians now rely on POS agents over banks, undermining financial inclusion.

Why is this happening?
- Limited ATMs and inefficiencies in the banking sector.
- Cash scarcity caused by poor policy execution.
- Weak regulation of POS operators.

The government must act to:
Cap POS Fees : Introduce and enforce regulations to stop extortionate charges.
Strengthen Banking Infrastructure : Ensure ATMs and banks are accessible to all Nigerians.
Promote Cashless Policies : Educate citizens on electronic payment options while improving network reliability.
Improve Financial Inclusion : Work with fintechs to provide affordable, accessible financial services.

Fellow Nigerians, do you think the government is doing enough? What’s your take on this growing menace? Share your thoughts below!

adalame:
In recent years, the practice of selling cash for withdrawals has become a common trend in Nigeria, especially during periods of cash scarcity like we witnessed with the naira redesign policy in 2023. POS agents now charge exorbitant fees for cash withdrawals, with charges reaching as high as ₦1,000 for ₦5,000 during crises.


This practice, while seemingly helpful, raises major concerns:
Erosion of Purchasing Power :High fees reduce consumers’ disposable income.
Inflationary Pressures :Businesses pass increased costs to consumers, driving inflation.
Widening Inequality : Low-income earners and rural dwellers bear the brunt of this exploitation.
Distrust in Banking : Many Nigerians now rely on POS agents over banks, undermining financial inclusion.

Why is this happening?
- Limited ATMs and inefficiencies in the banking sector.
- Cash scarcity caused by poor policy execution.
- Weak regulation of POS operators.

The government must act to:
Cap POS Fees : Introduce and enforce regulations to stop extortionate charges.
Strengthen Banking Infrastructure : Ensure ATMs and banks are accessible to all Nigerians.
Promote Cashless Policies : Educate citizens on electronic payment options while improving network reliability.
Improve Financial Inclusion : Work with fintechs to provide affordable, accessible financial services.

Fellow Nigerians, do you think the government is doing enough? What’s your take on this growing menace? Share your thoughts below!

Oga rest

Mustack:
Oga rest

You look like a POS agent. You guys are milking Nigerians like porn star milking a ball during BJ session. God dey o!

Dindondin:
You look like a POS agent. You guys are milking Nigerians like porn star milking a ball during BJ session. God dey o!

Is POS agent the source of nigeria problem..

Don't you have banking app to Carry out business or day to day transactions. Retailers now accept transfer as low a N100.

Out of 10 people you approach 1 will surely accept it transfer.

Everyone is just making unnecessary excuses bcus table is turning.

Dindondin:
You look like a POS agent. You guys are milking Nigerians like porn star milking a ball during BJ session. God dey o!

Till today I stick to my newly barber bcus he accept transfer during the cashless policy period..

The order day I want to the market the gentleman collect transfer for the yam I bought from him.

When FIRS is charging a whooping amount of N50 on every deposit of N10000 and above, and you expect the peasant POS operator to bear the brunt on your behalf. Bros rest abeg.

Mustack:
Till today I stick to my newly barber bcus he accept transfer during the cashless policy period..

The order day I want to the market the gentleman collect transfer for the yam I bought from him.

You're correct on your points

But that does not excuse the corruption that has seized the POS in Nigeria

POS is meant to enhance cashless transaction

But in Nigeria, POS became AtM and all those big heads in big suits acted as if they didn't see it

This one is one our problem.he said app for transfer, does rural dwellers receive transfer? Why should people with stupid when important issues are discussed? Government should be serious with arrest of this criminal POS dealers