Due to the N5000 withdrawal restriction set by commercial banks, point-of-sale (POS) operators have chosen to purchase cash from market vendors and gas station employees in an effort to have enough funds to operate their businesses.
According to Daily Trust, POS operators pay N1,000 to N2,000 to purchase N100,000–N200,000 in cash from market vendors or gas stations, which results in a 100% rise in consumer fees. For example, POS operators now charge N200 instead of N100 for N5000 they used to charge.
Automated Teller Machines (ATM) and the lack of cash from banks over the counter have hampered business activity, according to POS operators who voiced their worries in an interview with Daily Trust.
Due to the lack of cash and the N50 Electronic Money Transfer Levy (EMTL) that Fintech companies are required to pay, she bemoaned the low client patronage that has resulted from POS operators raising their fees from N100 to N200.
