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Frustration, Anxiety Loom As Cash Shortage Leaves POS Operators Struggling In Ogun

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Raymond Osho 

 

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In Abeokuta, Ogun State, an alarming shortage of cash in banks has left Point Of Sales (POS) operators in distress. 

The operators, who are essential for facilitating everyday transactions, have raised concerns over the inadequate cash dispensation from banks. 

Some of the operators  who spoke to Fackt News complained that most of the banks in Abeokuta, the capital city only dispense N5,000 or N10,000 when they need to withdraw large sums, such as N200,000 and above.

The shortage of cash has created a ripple effect, severely impacting the POS operators’ ability to conduct their businesses effectively. 

However, frustration and anxiety loom over the operators as they struggle to meet the financial needs of their customers. 

Some operators, in heart-wrenching accounts to Fackt news online, have expressed sheer disappointment and despair over the situation, considering the possibility of shutting down their businesses due to the prevailing challenges.

Speaking, a POS operator said, “The situation is beyond frustrating; it’s devastating. We are here to serve our customers, but without sufficient cash flow from the banks, our businesses are at risk. We are constantly faced with irate customers and operational uncertainties, which make it difficult to sustain our services.”

The ongoing crisis has forced many POS operators to contemplate drastic measures, such as increasing their service charges, limiting transactions, or potentially ceasing operations altogether. 

“Before the cash shortage, we used to charge N100 on transactions between N1000 and 5000 but we have increased the charge to M200. Also, from transaction between N6000 to N1000, we used to charge 200 but now, we have increased it to N300. Despite the increment, we are still experiencing shortage”, Morenike, another POS operator explained. 

She added “The last time I went to withdraw, my bank insisted that I could no withdrawal more than N10,000, I couldn’t cry. Is like there is a conspiracy begin it. Maybe CBN doesn’t want POS operation anymore because I don’t understanding again and I’m fed up. 

Another operator, Shegun Olukunle, narrated how the occurrence has forced him to close down some of his POS shops in Abeokuta metropolis. 

Olukunle had several POS business centers in the state capital before making the hard decision to shorten some of them due to the current cash situation.

“When things were still normal, this business was lucrative. I used to have many POS shops in different parts of Abeokuta but I had no choice to shutdown some of them because I could no longer pay my staffs”,  

He said “In some banks, we cannot withdraw more than N5,000. Imagine. What will I use that to do? How will I attend to customers who want to withdraw N10000 and more?”

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