POS operators in Nigeria have been mocked by Nigerians as cash becomes more available around the country.
The whole drama started with a viral video showing Nigerians holding up a banner with the business name of a POS operator and his number.
The Central Bank of Nigeria (CBN) had recently intervened in the Naira availability crisis caused by the Naira redesign policy. This currency redesign policy had ultimately led to the outrageous charges for POS services and its subsequent turmoil and hardship. However, the apex bank instructed all commercial banks in the country to operate on weekends. This directive, therefore, has is meant to ease the burden of the Naira scarcity.
However, it has also forced POS operators to significantly reduce the charges they give for their services.
POS operators say they now charge 10% on all transactions instead of the 30% they set during the heat of the economic crisis. Despite being above the approved CBN rate of 2%, the fall in POS charges has provided relief to cash-strapped Nigerians who suffered severely because of the cashless policy.
Additionally, the CBN has released steps, an emergency number, and an email address where Nigerians could report Point of Sales (POS) operators selling, issuing, or charging above the approved rates. The apex bank had pegged N200 for withdrawals of up to N10,000 and N100 for withdrawals of N5,000 and below.
Reports say that the CBN Director of Governors’ Department, Joseph Omayuku, has also warned syndicates engaging in the illegal practice of selling the Naira notes and charging exorbitant costs to stop, hence they face the consequences.