Operators of Point of Sale (PoS) have increased their charges by 100 per cent for all transactions, following the scarcity of naira notes.
According to the PoS operators, the hike in charges is due to their inability to easily get cash from banks. They claim they were paying extra cost to be able to get cash to keep their business going.
They, however, feared that the 100 per cent hike could be a child’s play compared to what might happen should the situation persist.
The charges for N5,000 and N10,000 withdrawals which used to be N100 and N200, respectively, have been hiked to N200 and N400.The PoS operators say they approach fuel stations and supermarkets for cash and to get it, they have to part with some money as well. They say they infuse the money used to get the cash into their charges.
Meanwhile, most Automated Teller Machines in the capital city are not dispensing cash, while the few that were functional had crowds of customers scrambling to make withdrawals.