Despite the directive from the Central Bank of Nigeria (CBN), some Point of Sale (PoS) operators are still charging exorbitant fees for their services.
A Correspondent from the News Agency of Nigeria (NAN) who conducted investigations in the Federal Capital Territory (FCT) satellite towns discovered that some PoS operators were charging as much as N300 to N200 for every N5,000 withdrawn.
Customers like Mr Romanus Chukwu, who was seen at one of the PoS points in Nyanya, expressed dissatisfaction with the high charges compared to what it used to be before the cash crunch.
Chukwu appealed to the operators to get revert to the usual charge of N100 for every N5,000 and N10,000 withdrawn.
In response to the allegations, an anonymous PoS operator in Nyanya claimed that the high charges were due to the insufficient funds provided to them by the banks. Some banks only provide them with N20,000 or N40,000, forcing them to go to multiple banks to gather enough money to run their businesses. As a result, they include all their expenses in the fees they charge customers.
The CBN had previously stated that it would revoke the licenses of PoS agents who were found guilty of inflating charges on customers who use their services to withdraw money.
However, it appears that some operators are still disregarding the directive and continuing to overcharge customers.
The excessive charges by PoS operators are a cause for concern among customers who rely on these services for their financial transactions.
Many customers are urging the operators to adhere to the CBN’s directive and stop exploiting the current cash shortage situation to inflate their charges.
The CBN may need to take further action to ensure that PoS operators comply with the regulations and provide fair and transparent services to customers.