With most Automated Teller Machines (ATMs) of banks not dishing out money, most financial institution prospects have resorted to make use of of cellular cash brokers, particularly, Level of Gross sales terminal (PoS) operators for his or her banking transactions, most particularly, money withdrawals, LEADERSHIP studies.
Findings by LEADERSHIP, over the weekend, confirmed that many ATMs weren’t dishing out money aside from just a few. Even the few that have been dishing out money had withdrawal restrictions as most banks prohibit withdrawal from ATMs to N5 000 per transaction for different banks.
A lot of the ATMs have been simply including to the aesthetics of the banks as both they weren’t working in any respect or had no money to dispense.
With this example which has been ongoing for a few weeks, the enterprise of PoS operators in Lagos, throughout the nation has boomed considerably.
From main enterprise areas to suburbs, financial institution prospects are compelled to pay PoS expenses to operators to have the ability to entry their monies lodged with the varied banks within the nation. Though banks say they provide money to their ATMs, most machines stay with out money more often than not.
A financial institution official who spoke on anonymity, defined that their financial institution branches have restricted money and as soon as the money allotted to the ATMs are exhausted, there will probably be no money within the machines until the following day.
A financial institution buyer, Zakariyya Temidayo, who lives in Egbeda space of Lagos said that, most instances he has been to the atm terminals in his financial institution who’ve about six terminals, just one or two could be dishing out money, therefore, brewing queues on the few dishing out factors.
“Due to the stress I cross by whereas attempting to withdraw from banks, I’ve determined to make use of PoS for my transactions, although there are expenses connected, ” he mentioned.
Equally, on Saturday morning, a buyer who needed to be nameless lamented to LEADERSHIP of the unavailability of money on the ATM, having visited financial institution ATMs alongside the Oba Akran axis of Ikeja, saying, he’s stranded as there aren’t any POS distributors available at the moment.
One other financial institution buyer, Femi Ayanwale, narrating his ordeal at Obafemi Awolowo street in Ikeja space of Lagos mentioned, “three POS operators earlier than me used ATM playing cards to withdraw all money deposited contained in the Zenith Financial institution machine. The primary one collected about N200,000 10 instances with totally different ATM playing cards.
“The second particular person collected about N200,000 3 times whereas the third particular person earlier than it acquired to my flip collected N200,000 two instances, however needed to gather one other one earlier than the machine ran dry. Proper on the entrance of the financial institution, one in every of them needed to promote it to a different buyer behind me who couldn’t get something.”
A resident of Ogun State, Chioma Johnson , lamented that there isn’t any financial institution round his space and that most individuals depend on PoS for banking transactions.
These are experiences of many different prospects inside Lagos and Ogun metropolis, who needed to depend on PoS for his or her banking transaction mentioned, they might have most well-liked to make use of banks as a result of it’s safer than cellular cash operators, the place scammers can him entry to 1’s data and make withdrawals from one’s account.
In lots of suburban areas in Lagos, the ATMs of banks are principally with out money and PoS operators might be discovered both in entrance the banks or in small kiosks beside the banks to supply money to prospects at a payment for these unable to get money on the ATMs.
With 3.73 million PoS terminals registered and a couple of.689 million PoS terminals deployed within the nation, PoS terminals initially meant for cashless transactions have became micro banks with indicators on each road throughout the nation.
Though banking brokers had been launched to fill the hole in areas the place there isn’t any banking presence, PoS operators have develop into money factors even in areas the place there are banks.
Findings present that among the operators are collaborating with merchants who now insist on both money or switch to a PoS operator who expenses a payment for the transaction.
On his half, Professor Tayo Bello, in an interview with LEADERSHIP yesterday, famous that the majority banks have been unable to feed their ATMs as a result of they don’t have a lot money that may go spherical their machines, therefore, will simply feed just a few dishing out machines.
This, he attributed to the cashless initiative of the Central Financial institution of Nigeria(CBN) who has been lowering money in circulation in a transfer to curb inflation.
He, nevertheless, frowned at a improvement whereby PoS operators have been working throughout the banking premises, saying, that is unethical and ought to be discouraged.
He urged the involved banks to right this anomaly by limiting the PoS operation exterior the radius of the banking halls, whereas asking them to discharge their duties and obligations as anticipated of them.
In his personal view, CEO/chairman, Lancelot Ventures Restricted, Adebayo Adeleke mentioned: “It’s a method by which corruption is manifested on the base stage. Ever puzzled why you solely have mint or recent notes supplied on the market at events? The PoS saga is one positive method by which the banks frustrate the financial insurance policies of the federal government.”
