Some Nigerians have expressed growing frustration over the persistent issue of automated teller machines (ATMs) running out of cash.
Taking to X on Wednesday, the social media users complained of having to rely on point-of-sale (POS) agents and being charged to access their money.
In 2013, the Central Bank of Nigeria (CBN) introduced POS systems in the country to increase financial inclusion and develop a cashless economy.
PoS systems are agent banking systems that provide alternative financial services to people outside the traditional banking system.
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The services of PoS agents include money transfers, cash withdrawals, deposits, and bill payments.
Earlier this year, TheCable observed that Nigerian commercial banks had set new withdrawal limits on their ATMs.
With the development, PoS have had to be gradually relied upon, especially in times when there was cash scarcity.
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However, some Nigerians on X decried the absence of cash in ATMs and over-reliance on POS agents.
While some people believe that POS agents are “life savers,” others claim they are reducing the bank-customer relationship and exposing them to more danger.
Here are some of the reactions of Nigerians on X.
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I need the CBN to destroy this business of POS. Bring back ATMs, wtf.
— . (@FakhuusHashim) November 12, 2024
It’s so bad that airports don’t have ATMs, not at malls, nowhere. I hardly ever pay cash yet the level of disorganisation this projects. We are living with the realities of many failures and that’s what this proliferation is.
— . (@FakhuusHashim) November 12, 2024
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Like why do I need to interface with a third party I’m buying nothing from, I don’t want to do that.
— . (@FakhuusHashim) November 12, 2024
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I won’t entirely advocate for the abolition of pos, but let banks be loading cash in their ATMs, cos it seems they no longer care about ATM anymore
— Uncle Cellz (@odirah_cellz) November 12, 2024
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ATMs are no longer as functional as they used to be, many don’t even have cash in them anymore cause banks want to keep selling funds to POS people. But then sha the whole POS thing is more convenient than going to ATM.
— TIM (@timmycyber) November 12, 2024
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Individuals cannot access cash from ATMs but POS Agents somehow get loads of cash. Banks insist they load the ATMs but spirits withdraw them overnight.
O kuku ye Oloun
— Big Wolf 🐺 (@SheunAdeola) November 13, 2024
my own money is ridiculous. Businesses / shops can have their POS machines for payments not POS as a business.
No financial privacy whatsoever. If I need money, why do I have to involve & pay a 3rd party to access my money? …
— The_UXDesign_Babe🥷 (@deerah_noor) November 13, 2024
Are there functional ATMs littering everywhere that I don’t know about?
— CCR5-∆32 (@agbawoxxx) November 13, 2024
They’ll be alright but I am rooting for the downfall of POS like mad.
POS should be an OPTION. An OPTION fgs.
Rather, POS operators have colluded with bankers to make it impossible to access cash unless you come to them.
That’s criminal abeg. https://t.co/sXy63b25QU
— Unwanabasi✨ (@BabyWhale___) November 12, 2024
Stopping POS agents from operating will not automatically put the 3000 or 6000 people out of job. It is not normal that you go to the bank to withdraw cash and you have a limit but you go to a POS agent and they have any amount you need.
— s a r k ı (@user24_1O) November 12, 2024
There’s no bank in my area. It’ll cost me N5,000 to visit the nearest bank/ATM.
I’d rather pay the N200 POS fee please.
Maybe we can fight for regulation, but there aren’t enough ATMs to effectively serve the masses so a downfall would be bad. https://t.co/TW68uBZgxg
— Dada Designer (@stephanieorkuma) November 13, 2024
I would rather pay N1000 to a POS handler to withdraw N10k, than to stand on a queue for 1hr+ behind an ATM machine that is likely to stop working when my turn to use it reaches.
Let the CBN and the banks fix themselves before destroying POS businesses.
— Benkingsley Nwashara (@Benking443) November 13, 2024
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