Cash crunch: Calabar PoS operators hike charges by 100%

Operators of Point of Sale (PoS) in Calabar have increased their charges by 100 per cent for all transactions, following the scarcity of naira notes in the capital city.

The operators spoke on the development in separate interviews with the newsmen in Calabar on Tuesday.

They attributed the hike to their inability to easily get cash from banks.

They said that they were paying extra cost to be able to get cash to keep their business going.

They, however, feared that the 100 per cent hike could be a child’s play compared to what might happen should the situation persist.

Supreme News reports that charges for N5,000 and N10,000 withdrawals, which used to be N100 and N200, respectively, were hiked to N200 and N400.

An operator, Ms Eno Umoh, appealed for people’s understanding over the current charges, saying that operators were not responsible for the ugly situation.

“We are simply trying to remain afloat in business and ensure we continue to serve our customers.

“We understand the present economic realities but we are paying so much to get cash to keep the business running.

“It’s not all about profit making as people would think,” Umoh said.

Another operator, Lisa Eyo, said that the situation became more challenging last week, adding that getting cash had become very difficult.

According to her, the banks are not helping matters as they all claimed not to have cash in their vaults.

“In order for me to get cash, I entered into agreement with some filling stations and super markerets where I part with something in return.

“Invariably, I pay to get cash and the only way I can recover this is to increase my charges,” Eyo said.

Meanwhile, most Automated Teller Machines in the capital city are not dispensing cash, while the few that were functional had crowds of customers scrambling to make withdrawals.

Simirlarly, the ones loaded with cash are only dispensing between N5,000 to N10,000.