Spending a day with a PoS operator in Lagos shows there is more to the challenges caused by the cash crunch that surfaced due to the new policy introduced by the Central Bank of Nigeria — the scrambles, desperation, long queues, and lamentations.
Alhaja is a popular PoS merchant in the market even without a display of signboards and her stall’s location on the top floor of a two-storey shopping mall. She was not even set for the commencement of business when her customers started pouring in, with rainbows of plastic ATM cards.It was midday, and the initially quiet environment had given way to the noise of grinding machines, chatters of buyers and sellers, and megaphones peddling everything from toothbrushes to erectile dysfunction herbs.
“I rely on other traders in this market to remain in business. Since the naira scarcity began, I pleaded with them to bring me the cash proceedings from daily sales. Once they bring it, I transfer the money into their various bank accounts, while I use the cash for my business.” “Before the scarcity, I would charge them N500 on every N20,000 I help deposit to their account, but now I cannot charge,” she continued.
But she added that there is a limitation to the number of people offered the service. Only buyers, who are customers of the traders that deposit money with her, are afforded such service. Others are“If I see faces I do not know, I just increase the charges to chase them away. For now, I only do withdrawal services for customers of the traders around me. Sense is needed in everything we are doing. I serve only those that serve me,” she said.Two customers strolled into Alhaja’s stall.
Shehu_Idris95 They are thieves but some still charge the actual fee before Naira scarcity ! Imagine paying 1K to get 5K ! That’s harsh !