Customers Suffer as Cash Scarcity Hits Taraba

The ongoing cash scarcity in Taraba State has led to increased exploitation of residents by Point of Sale (POS) operators, with many raising their charges on withdrawals and other transactions.

As the crisis continues to deepen, residents have found themselves with limited options for accessing cash, making them increasingly dependent on POS services, despite the higher fees being imposed by operators.

This has sparked concerns about the impact of such exploitation during a time when many are already facing financial difficulties due to the scarcity of cash in circulation.

In Taraba State, the ongoing cash scarcity has led some Point of Sale (POS) operators to significantly increase their charges. While the usual fee is N100 for every N10,000 withdrawal, some operators are now charging as much as N200, and in certain areas, the fees have escalated to N250 or even N300 per withdrawal.

These operators justify the hike by citing the inability of commercial banks to meet their obligations, leaving POS services as one of the few options for residents to access cash.

“The banks are complaining that they are short of cash. All my efforts to access cash from banks since last week have been difficult. All efforts to withdraw at least N500,000 failed.

“I was only able to get N150,000, and that was because I went through the backdoor,” lamented one of the POS operators.

A customer in Jalingo metropolis expressed frustration over the worsening situation at a POS outlet, stating that the ongoing cash scarcity has compounded the already difficult economic conditions in the state.

She highlighted the challenges people are facing, particularly as the holiday season approaches, warning that without urgent intervention, the hopes for a smooth Yuletide could be dashed.

Reflecting on the hardship caused during the previous cash shortage, she urged authorities to take swift action to prevent further deterioration. Leadership at financial institutions also placed blame on the Central Bank of Nigeria (CBN) for the continued cash shortage.

As customers continue to grapple with high POS charges and limited access to cash, many have called for action to address the exploitative practices of operators and ensure fair treatment for all.

Meanwhile, banks are struggling to meet the demand for cash, further exacerbating the financial difficulties of residents.