INDEPENDENT
The year 2023 will go down in recent history as one in which virtually every Nigerian witnessed an unprecedented increase in service charges by POS Operators so much that N400 was charged as a service fee for the withdrawal of N1000 particularly when the prevailing cash crunch occasioned by the Naira redesign policy of the Central Bank of Nigeria (CBN) was at its peak.
Without a doubt, the cash crunch has continued to take a toll on both the traders and sellers, inflicting more pain on the poverty-stricken Nigerians.
The crisis, which is gradually easing off, is mostly characterised by hikes in service charges by POS Operators so much that the hike is in arithmetic progression. For instance, where N400 is charged for the withdrawal of N1, 000, N800 is charged for the withdrawal of N2, 000, and so on and so forth thereby compelling consumers to grapple with the challenge of losing the value of their cash or income.
However, prior to the cash crunch, the withdrawal of N1000 up to N5,000 attracted N100 service charge, while withdrawing N6,000 up to N10,000 attracted N200, and N15,000 up to N20,000 attracted N300, and so on and so forth in that order.
The rate of profiteering that POS operators resorted to as a result of the cash crunch at a point, specifically in February 2023, drew the attention of the Central Bank of Nigeria (CBN) as it warned that operators who charged above N200 for the cash swap programme will be arrested and jailed if caught.
It would be recalled in this context that the Director, Governor’s Department, CBN, Joseph Omayuku, stated this while briefing journalists in Yenagoa, Bayelsa State. Omayuku said the POS operators sell naira notes for naira notes to buyers.
This is amidst the rejection of online payments by some business operators, including petrol stations and supermarkets.
“The operational arrangement for payment agents is that they take a commission for transactions and this commission is not less than N100 or N200 for transactions of up to N10, 000, but we have heard of cases where people are being charged N1, 000 or N2, 000. “This is certainly fraudulent; this is a rogue operation.
“So, the security agencies will be very active this week, going forward,” Omayuku said…
