New naira notes: Our gains, challenges by PoS operators

Some Point of Sales (PoS) operators have said the designing of naira notes has boosted their business through improved income though they said this had come at certain cost.

They said this during an interview with our correspondent on Friday in Abuja.

It was reported that the Federal Government in November announced the designing of some naira notes, namely 1000, 500 and 200 bills.

The government said the move was part of the measures to fight inflation, curb money politics and enhance the value of the nation’s currency.

Mrs Chinyere Chijioke, one of the PoS operators, told our correspondent that although they find it difficult to make cash withdrawals to meet their customers’ need, the new policy has enhanced their incomes.

According to her, due to scarcity of the new naira notes, PoS operator had to hike the price they charge their clients for cash withdrawals.

She said that she started PoS business with the sum of N30, 000 which she said had now increased to N100,000 largely because of increased patronage and higher charges.

She said because of the shortage of cash at banks’ counters and long queues at ATMs, many cash-trapped Abuja residents now resort to PoS operators for cash withdrawals.

Chijioke, however, told our correspondent that internet connectivity had been major challenge to the operators as online transactions are usually slow and in some cases fail to go through.

She said like many other Nigerians, the PoS operators also find it difficult to make cash withdrawals from their banks.

Mr Bola Abiodun, another POS operator, though they have made some brisk business, the success had come at some costs.

For instance, he said, in order to get the new notes, he wakes up as early as 5 a.m. to go and queue for hours at the bank.

He said the limit in cash withdrawal had also minimised the number of potential customers he attended to, adding that if he had access to more notes, his profit would have increased.

Abiodun urged the Federal Government to assist the PoS operators in their activities by making more cash available to them through designated PoS cash service centres.

He said that PoS operators were strategic in governments’ efforts to curb unemployment and crime.

According to him, though PoS business is highly lucrative, it involves lots of risk, including falling prey to scammers, particularly now that the nation is experiencing scarcity of naira notes.

Abiodun narrated how he lost some money to a lady who he made transfers through his machine but later denied when the transaction went through after it had initially failed.

Similarly Mr Tobi Adeniyi said because of scarcity of the new naira notes he buys cash for his business from filling station attendants at exorbitant prices.

He said from a startup sum of N 300,000 he now at Lugbe, an FCT suburb, he now makes enough money to take care of his family needs.

According to him, PoS business is profitable although involves a lot of challenges that if addressed would make it a major employer of labour and an outlet for poverty alleviation.