As the holiday season nears, residents in Anambra State are facing difficulties accessing cash from local banks. Many banks have started hoarding money, leaving customers frustrated and forced to rely on Point of Sale (POS) operators to get the cash they need.
In Awka, the state capital, banks are refusing to provide cash to customers, claiming there are no funds available. When our reporter visited a new generation bank, a staff member told a customer that the maximum withdrawal was N100,000, citing a lack of cash. Another customer complained about being told to use the ATM, even though the ATMs often have no money stocked.
This cash shortage has boosted the business of POS operators, who now provide cash to customers but at a high price. One customer shared her frustration, saying that to get N20,000, she was charged N600 in commission by a POS operator, even though she could have withdrawn the same amount at the bank if it had cash.
Comrade Jude Udegbe, Chairman of the Anambra State Motorcycle Transport Welfare Association, condemned the banks for hoarding cash and pushing customers to use POS services. He called for government intervention, as this situation is worsening the financial difficulties faced by many people already struggling with economic challenges.
A source informed us that some POS operators have connections with bank staff, who supply them with cash for a commission. This has raised concerns about unfair practices, as POS operators are able to provide cash when banks cannot, leading to growing frustration among regular bank customers.
However, the POS business has also provided employment for many young people in the area. In Awka, over 100 young women run POS businesses at the popular Aroma Junction, offering a convenient way to withdraw cash without waiting in long bank lines. Many of these operators make daily profits, especially when they can secure bulk cash transfers.
While POS businesses are offering a solution, the high fees and reliance on operators have caused a burden on everyday bank customers. There is a growing call for action to address the cash shortage in banks and ensure that people have fair access to their money during the yuletide season.
