Awka, the capital of Anambra State, is currently experiencing a cash shortage as several banks reportedly struggle to meet withdrawal demands from customers. Findings by reporters indicate that many banks claim to have run out of funds, leaving customers frustrated.
At one new-generation bank, a staff member informed a customer that withdrawals above ₦100,000 were not possible due to a lack of cash. A female customer at the same bank expressed dissatisfaction, stating she only needed ₦20,000 but was redirected to the bank’s ATMs, which were also out of cash.
“They just refused to give me ₦100,000. In my case, I want to withdraw only ₦20,000, but they are directing me to the ATM, even though it is out of cash,” she lamented. “I don’t want to go to POS operators and pay as much as ₦600 to withdraw ₦20,000. This is unfair.”
The Chairman of the Anambra State Motorcycle Transport Welfare Association, Comrade Jude Udegbe, also raised concerns over the situation, describing it as a repeat of last year’s cash hoarding by banks.
“Currently, it’s almost impossible to withdraw up to ₦100,000 at once from any bank,” Udegbe said. “The banks have started hoarding cash again, just like they did last year. Meanwhile, POS operators are making a profit at the expense of customers.”
Udegbe called on the government to intervene, warning that the crisis is worsening the economic challenges faced by residents.
A source familiar with the banking operations suggested that some bank executives may be collaborating with POS operators, supplying them with bulk cash for a commission. The source alleged that certain POS businesses are either owned by banks or operated by their employees.
A trader at Eke Awka market, Mr. Jerome Obaji, echoed similar suspicions. “Some of these large POS operators here in Eke Awka work with top bank staff. How do they manage to get cash every day while banks tell customers they don’t have any?” he asked.
Despite the challenges, the POS business has provided a lifeline for many residents and created jobs for young people. In Awka, over 100 young women operate POS outlets at Aroma Junction alone.
Comrade Joe Ifedigbo, a local businessman, acknowledged the significance of POS operators in the community. “It is a convenient way to access cash without the stress of going to the bank. It also provides employment for our young people, many of whom would otherwise be unemployed,” he said.
A POS operator who requested anonymity disclosed that her earnings depend on the amount of cash she can secure. “Some days, I make up to ₦5,000 when I have enough cash to give out. If you get customers making bulk transfers, you can also earn commissions even without cash on hand,” she explained.
As the cash shortage persists, POS businesses remain a critical alternative for residents, especially with the holiday season approaching. However, the high fees charged by operators continue to burden customers struggling to access their funds.
