ASABA — Nigerians have voiced anger over outrageous charges Point of Sale, PoS, operators take to withdraw money from their bank accounts.

Citizens who spoke to Vanguard weekend expressed concern that Pos operator  are gradually taking over the Automatic Teller Machine, ATM, services from banks across the country.

Many resorted to PoS operators when they found after many stopovers at their banks for self-service that the ATMs were usually empty but cash was available with PoS operators.

On their part, POS operators narrated huge risks and measures they undertake to get cash, including paying bank officials, saying the charges must be adequate to enable them remain in business.
However, effrorts to get bank officials to react to the allegations against them by POS operators proved abortive.

Akwa-Ibom residents cry out

Residents who spoke to Vanguard in Akwa-Ibom State expressed fears over the fraudulent activities of some PoS operators.

A teacher at a private secondary school in Uyo, Mr. Udoh, lamented: “At the ATMs, sometimes there is no money to withdraw. At the PoS, you withdraw N5,000 with N150, sometimes N200; they bill you N300 for N10,000. Two weeks ago, I went to withdraw N20,000 at a PoS at the University of Uyo, and I was charged N800. It is a worrying issue.

“I will advise government to introduce a policy stopping all banks from working hand-in-hand with PoS operators; it will help regulate the amount the PoS operators charge because many people will now like to go to the ATM where they will be charged less.”

A lecturer at UNIUYO explained that he prefers to patronize a PoS close to his residence because of difficulties experienced in using the ATMs of his banks.

He, however, expressed concern over issues involving charges, fraud, and sometimes the exchange of people’s ATM cards’ details, especially by roadside PoS operators.

“Apart from fraudulent activities and network issues common with roadside PoS operators, standard PoS outlets like the one I use will not defraud you or exchange your ATM card details. I have a sister who had an ugly experience recently. When they exchanged her ATM card details, she started seeing alerts for withdrawals she did not make later in the night. And that was how she lost all the money in her account. In just one hour, N400,000 was gone.”

A public servant, Mr. Ekere, said: “I do not use PoS for my transactions. If I transfer N10,000 to N50,000 at the ATM, it charges me less than N50, unlike the POS. Those roadside PoS operators copy your details. Most of them are so smart. That is why some people stay in their houses and get debit alerts.

“They withdraw money from their accounts. Sometimes, you see people rush to the banks to complain or shout. Many things happen with PoS operators.

“Unfortunately, when bank customers go to their banks for withdrawal, they tell them there is no money; meanwhile, they give out enough money to PoS operators. I advise government to look into this issue.”

PoS defrauding us in Edo
Many residents of Edo State also complained about the non-availability of cash at ATMs and the charges that come with using PoS.

“People are complaining that our charges are too high but they don’t know what we are also facing. Sometimes I pay some officials who give me information on when money will be loaded in the machine.

“That is why some of us go there early in the morning to withdraw before people wake up. Look at the money we will spend on transportation too, how much will remain as our gain? It’s not our fault,” she said

A resident, Kabiru Bola, said the PoS operators control the availability of cash, thereby causing artificial scarcity.

“These people are causing artificial scarcity of naira. Most Nigerians, including me, prefer to patronize them rather than go to the bank because they control the availability of naira. There’s no ATM, you will go and not see them, they will stay with the ATM and collect all the money while people are still on the queue.”

In Abeokuta, the Ogun State capital, whenever you transact business from PoS operators, every N5,000 withdrawn attracts N200 charge, while any withdrawal below N5,000 attracts N100. The situation is not different in Lagos where POS operators charge as much as N700 to N800 on N50,000 withdrawal.

Speaking with Vanguard on what led to the sharp increase in the charges, an operator, who simply identified himself as Dayo, said they don’t get enough cash from banks.