Empty ATMs dot metropolis as banks trade cash with PoS operators

Banks in Nigeria have been accused of working with Point-of-Sale (POS) operators to limit cash availability at ATMs across major cities. The Economic and Financial Crimes Commission (EFCC) has stated that it is illegal for POS operators to possess large amounts of cash from banks at the expense of ATM withdrawals for customers. The EFCC has vowed to crack down on this practice, urging banks to ensure sufficient cash is available in their ATMs. This cash scarcity has led to long queues and frustration for many Nigerians trying to access their money from ATMs . The Central Bank of Nigeria has also instructed POS operators to formally register their businesses within two months, in an effort to regulate the industry .

Citations:

[1] https://guardian.ng/empty-atms-dot-metropolis-as-banks-trade-cash-with-pos-operators-currency-commoditisation/

[2] https://www.thetidenewsonline.com/2024/04/26/empty-atms-entrepreneurs-customers-banks-pos-operators-accountable/

[3] https://www.legit.ng/business-economy/money/1591965-efcc-unveils-empty-atm-machines-pos-operators-plans-increase-withdrawal-fees/

[4] https://dailytrust.com/queues-disappear-in-lagos-as-bank-atms-dispense-cash/

[5] https://www.icirnigeria.org/enugu-empty-atms-long-queues-frustrate-nigerians/