Kwara POS operators raise cash withdrawal fees

Customers’ cash withdrawal fees have been hiked by POS machine operators in Ilorin, Kwara State.

A cash withdrawal of N10,000 now has a N1,000 commission, while N5,000 carries the same N1,000 charge, albeit other operators charge N500.

Customers in Ilorin created large lines at ATMs and banking rooms to exchange their old naira currency notes for the redesigned banknotes.

Complaints have also followed the exchange exercise, as customers have found it increasingly difficult to cash their money over the counter and at ATMs, the majority of which still accept old naira notes.

The inability of bank customers and inhabitants of the state capital to obtain the new naira notes has hampered commercial operations, since traders in certain circumstances choose to collect the new currencies over cash transfers.

Visits to major banks in the Ilorin metropolis on Friday revealed that clients were experiencing the same level of rage.

Sheriff Adeniyi, a bank customer in Ilorin, told DAILY POST that humans are selfish beings, referring to POS operators who impose hefty costs on customers.

“I understand that the government is moving toward a cashless economy, which is good but painful, and we have to start somewhere,” he says.

Another client, Saliu Kazeem, praised the Federal Government’s cashless strategy, which he claimed will ultimately benefit Nigerians.

He, however, criticized the government’s deadline and urged that the old currencies be phased out gradually.

Saliu also expressed concern for residents in the state’s local government districts, particularly those without banking services, and inquired how they planned to conduct the exchange.

Attempts to contact bank authorities were unsuccessful at the time of filing this story.