Point of Sales operators are lamenting the effect of the Naira scarcity on their businesses, arguing that most of them have closed their kiosks pending when they are able to access cash.
Recall that in the wake of the scarcity, PoS operators benefited from the chaos that greeted the Naira redesigned policy after the scarcity of Naira increased demands for their service.
They hiked the withdrawal charge from N100 for N5,000 withdrawals to N1,000 fee for N5,000 withdrawals, as they looked to profit from the scarcity.
According to an operator in Egbeda area of Lagos, Bolaji, Naira scarcity is affecting some PoS business positively in the sense that some market women/men are doing the business (selling cash) to support their business, so in this case of Naira scarcity, since they have the money, they are charging the same big interest and making more profit.
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“I mean some market women were willingly giving the money before so that we will use it and credit the money to their account without adding any kobo, but now, they will sell it for you with big interest so that PoS attendant will also add big interest to make profit. This is a great corruption affecting the (sic) whole Nigerians.”
“Even if you meet someone at the bank that intends to deposit, the person will ask for payment because the person knows you want to use it.”
But the gains in the exploitation were not for long, as the scarcity hit the mobile money agents as well, ending their source of income.
Another operator who chose to speak on condition of anonymity, revealed that for over two weeks, her PoS business has been shut down, losing about N130,000 she earns monthly, as her daily profit is around N5,000.
She said she can’t charge her customers N1,000 for withdrawal, that’s why she suspended her business until there’s an affordable source, as her customers will not be willing to patronise her after the scarcity is over.”
With profit dropping by as much as 90 per cent or even 100 per cent, mobile money agents are calling for the intervention of the government to save their businesses.