PoS Operators Increase Charges as UBA, Access, Others Set Withdrawal Limit [Video]

• Point-of-sale operators have decided to buy cash from gas station workers and market merchants
• This is to have enough money to run their businesses since commercial banks established a N5,000 withdrawal limit
• POS operators buy N100,000–N200,000 in cash from market vendors or gas stations for N1,000–N2,000

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Due to the N5000 withdrawal restriction set by commercial banks, point-of-sale (POS) operators have chosen to purchase cash from market vendors and gas station employees in an effort to have enough funds to operate their businesses.

According to Daily Trust, POS operators pay N1,000 to N2,000 to purchase N100,000–N200,000 in cash from market vendors or gas stations, which results in a 100% rise in consumer fees.

For example, POS operators now charge N200 instead of N100 for N5000 …