Taraba State residents are again grappling with the escalating exploitation by Point of Sale (POS) operators.

Our correspondent gathered that many POS operators have significantly increased their charges, with fees for cash withdrawals soaring to as high as ₦250 per transaction, compared to the standard ₦100 on withdrawals of N5,000 or less.

In some cases, withdrawals of ₦10,000 attract charges of ₦300, further burdening residents who depend solely on these services due to limited access to cash from banks.

A POS operator in Jalingo, who spoke with The Guardian, blamed the cash scarcity on the inability of the commercial banks to provide adequate funds.

“The banks are complaining about cash shortages,” the operator said. “Out of the ₦500,000 I applied for, I was only given ₦150,000 after greasing palms. It’s been difficult to meet up with the demands of my customers.”

Frustrated customers have called on authorities as a matter of urgency.

A customer who spoke with The Guardian at one of the POS outlets expressed concern that the crisis could dampen the Yuletide festive season, stating, “If this issue is not urgently resolved, it will frustrate our hopes for a stress-free Yuletide.”

However, financial institutions in the state shifted part of the blame to the Central Bank of Nigeria (CBN), citing inefficiencies in cash distribution.

This comes as banks struggle to meet customers’ cash demands of customers, leaving many residents with no choice but to rely on POS services despite the high costs.

As the frustration continues, residents are urging the government and regulatory bodies to address the situation and ensure fair practices.

They also expressed fear that without urgent intervention, the ongoing financial strain would destabilise the economic environment in the state.