Christmas: Banks hoard cash in Anambra, as POS operations thrive

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By Madu Obi

The inability of customers to receive cash in the banks in becoming more severe in Anambra State, even as operations of the Point of Sale, POS, have continued to thrive.

The fear is that the people might find it difficult to enjoy smooth Christmas season if the situation continues.

Chairman of the Anambra State Motorcycle Transport Welfare Association, Comrade Jude Udegbe accused the commercial banks of causing the scarcity, alleging ,that most of the POS are owned by bank workers.

"Currently, it's challenging to withdraw up to N100,000 at once from any bank within Nnewi community.

The banks have started hoarding available cash, as they did last year. Meanwhile, POS operators are maximizing profits at their customers' expense.

The government must intervene. This situation worsens the difficulties for people already traumatized by economic challenges." D,tuUdegbe said.

He alleged that banks now prefer to send large sums of money to POS operators in exchange for hefty commissions, adding that with the POS operators also charging their customers exorbitant fees, the trend has exacerbated the economic hardship faced by the masses.

He said that even traders now prefer dealing with POS operators for easy transaction, rather than using banks.