Taraba residents decry alleged exploitation by PoS operators amid cash scarcity

Many residents of Taraba State have raised concerns over what they described as exploitative practices by Point of Sale (PoS) operators, who are allegedly taking advantage of the persistent cash shortage in the state.

The Guardian learnt that the situation has exacerbated the economic hardships faced by the people, with PoS operators significantly increasing their charges. Fees for cash withdrawals have reportedly soared to as high as N250 per transaction, compared to the usual N100. In some instances, withdrawing N10,000 attracts charges of N200, adding further strain on residents relying on these services due to limited access to bank cash.

Frustrated residents have called on the government and regulatory agencies to intervene and ensure fair practices, warning that failure to act swiftly could worsen the state’s fragile economic conditions.

A PoS operator in Jalingo, the state capital, who spoke to The Guardian, blamed the situation on the inability of commercial banks to supply sufficient cash. “The banks are complaining about cash shortages,” he said. “Out of the N500,000 I requested, I was only given N150,000 after ‘greasing palms’. It’s been challenging to meet my customers’ demands.”

Meanwhile, some customers, angered by the rising fees, have urged authorities to intervene urgently. One resident voiced concerns over the potential impact on the festive season, saying, “If this issue is not resolved quickly, it will dampen hopes for a stress-free Yuletide.”

Financial institution leaders in the state, however, shifted the blame to the Central Bank of Nigeria (CBN), citing inefficiencies in cash distribution as the root of the problem.