by Achadu Gabriel, Kaduna
Following the recent cut-down of cash withdrawal limit in Nigeria commercial banks, in line with the policy of the Bola Ahmed Tinubu-led administration, operators of POS have continued to increase withdrawal charges in progression.
As at last count, the increment has gone high to as much as about 70-100 percent and even more, at the expense of the less-privileged Nigerians. It, however, depends on individuals, areas, locations and States.
Accordingly to investigation, the inclement, no doubt, has hit the poorer Nigerians below the belt as a result of the already alleged existing hardship being experienced among the poorest of the poor, who have value for the differences in the new POS charges and deductions, no matter how small.
Eyewitness accounts said, less than a week after the cash withdrawal limit policy of the current government, POS customers and operators began to have altercation over the differences.
“From the usual benchmark of the minimum of N5,000 and N10,000 for N100 and N200 charges, the increase has skyrocketed to N100 for N6,000 below, while N7,000 and above, attracts N200 with about 70 and 100 percent increase,” according to an eyewitness.
Recent record obtained from some POS operators in Kaduna showed that N7,000 and above now attract N200 charges while N10,000 -N15,000 attracts N300 progressively, with the exception of few operators with human face.
Also, in Kaduna, a popular provisions shop’s woman operator in Sabon Tasha area told our correspondent that the increment had been there since after the policy implementation commenced in honest, and has no connection with the Christmas season.
Some POS operators, who were promised anonymity, explained that N10,000 and N20,000 cash withdrawal will soon attract charges as higher as N300-N400, “if nothing is done to checkmate the excesses by relevant authorities.”
Although, many of the POS operators decried N50,00 deduction from every transaction performed with ATM card, also attributing it to the sudden hike in their charges.
FG reportedly introduced the cutting down cash withdrawal limit policy for many reasons, including strengthening cashless society of the government and to avoid moving with bulk cash or money by individuals, and reduce money laundering incidents, among others.