Greetings People!
Nigerians here know the unbearable financial stress we've been passing through for other two months due to the effect new naira design. A lot of people have moved motion to ban the business of POS(Point Of Sale) service in the country and if you look thoroughly, it's obvious that this POS vendors are major part of the financial wreck in the county but majorly sponsored by the CBN(Central Bank Of Nigeria).
As of last week, the federal government instructed CBN to release and pump in cash to be economy to finally put a stop to the shortage of cash in circulation.
Although, money has been pushed into the system but it's still very scarce. That is to say, the CBN didn't act as was instructed by the federal government.
Yesterday I wanted to get a food item and I was not having cash with me, I went to withdraw N1,000 cash from a POS and I was charged 40% as charges(N400 fee). WTF!
"Hasn't it reduced or your business is different? I asked the POS lady.
She smiled and answered, "we are still buying money from banks, market women and fuel stations"
Although the CBN is the major reason why the economy is like this but the people the POS lady mentioned above are people making the life unbearable and I'd explain below;
*Bank managers and staffs.
These are the people that will hoard the money that's supposed to be circulated to the masses, they would give it out to POS vendors that are willing to buy.
The worst part is that these people have their own POS businesses running outside the bank work, and because it's their business, they always love to give out the money to their own business...a true definition of "I can't be in the stream and soap will enter my eyes" plus a touch of greed.
If POS people purchase this money with 30% charges, they will go and sell it back to the citizens with 40% charges.💔
Market wowen
A good percentage of market women are not accepting money transfers not because they're scared or don't want to stress themselves going into the troubles of network issue with customers, but because they sell the cash back to POS vendors.
Most of them have POS businesses close to their market spots and when you come to buy something, they'll direct you to the POS center to withdraw cash and once you withdraw and use that cash to purchase your item(fish, orange, tomatoes etc), these women will collect the money and sold it back to the POS person at a good percentage.
Aside this method, majority of these market women, gather the cash they got from a day's sale and sell it to a POS vendor. Imagine making 20k from just giving a POS person 100k? Business!
The fuel stations are not left out on this, they'll gather all the cash they got from sales and sell them to POS vendors, making a good profit from it.
I was listening to a radio program this morning when an issue was raised by one of the moderators, that POS should be scraped off because they are the ones putting fuel to the fire burning many citizens.
To me, the problem still lie with the government and CBN, I'm very sure that once enough money is in circulation, things will be balanced.
But do we see these POS vendors going back to their normal N200 charges for N5,000 Withdrawal? I doubt that.
Here, what goes up finds it hard to come down.
Thanks for reading 🥰
Posted Using LeoFinance Beta
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