As the Yuletide season approaches, banks in Anambra State have begun hoarding cash, refusing to distribute it to consumers who go to the banking hall regularly.
This has exacerbated the brisk business done by POS operators, who now receive cash from banks and sell to Nigerians on commission.
Checks by journalists at most banks in Awka revealed that banks withhold cash from consumers, claiming that there is no cash available.
According to newsmen, who visited a new generation bank in Awka, a bank employee at the counter informed a client that he could not be paid more than N100,000 since there was no cash.
A female consumer at the same bank, whose identity was not immediately known, said that it’s almost as if banks no longer pay out cash to customers.
She said:
“They just refused to give that N100,000. In my own case, I want to collect just N20,000, but they are directing me to go and use the ATM, whereas they know that their ATM is not stocked with cash.
“I don’t want to go to POS to pay as much as N600, just to collect N20,000.
“I know that what they are invariably telling me is to go to the POS to collect the cash. This is bad, people have been bringing bulk cash here for deposit, but the bank is not giving out cash. That is not fair.”
Meanwhile, Comrade Jude Udegbe, Chairman of the Anambra State Motorcycle Transport Welfare Association, expressed concern that genuine banking transactions had transferred to Point of Sale (POS) operators in Nnewi.
He said:
“Currently, it’s challenging to withdraw up to N100,000 at once from any bank.
“The banks have started hoarding available cash, as they did last year. Meanwhile, POS operators are maximizing profits at their customers’ expense.
“The government must intervene. This situation is worsening the difficulties for people already traumatized by economic challenges,” Udegbe added.
Also Read:
Flood: Bayelsa govt extends school resumption date
Commission seeks help of religious leaders to curb GBV in Plateau
We’re not recruiting — FRSC warns job seekers against scams
cc: Daily Post Ng
