In response to the acute shortage of physical currency in Calabar, Cross River State, Point of Sale (PoS) operators have implemented a 100% increase in transaction fees. The decision, confirmed through separate interviews with the News Agency of Nigeria (NAN), underscores the mounting challenges faced by businesses in the region.
The operators attributed this drastic measure to the arduous process of securing physical cash from banks. As a consequence of the scarcity, the charges for withdrawing N5,000 and N10,000, previously set at N100 and N200 respectively, have surged to N200 and N400.
Ms. Eno Umoh, a PoS operator, implored for understanding amidst the escalated charges, emphasizing the substantial costs incurred to sustain their operations. “We are simply trying to remain afloat in business and ensure we continue to serve our customers. We understand the present economic realities but we are paying so much to get cash to keep the business running. Itβs not all about profit-making as people would think,” Umoh explained.
The surge in transaction fees reflects the ripple effects of the prevailing cash shortage, prompting businesses to adapt and navigate the evolving economic landscape. As PoS operators grapple with the ramifications of the scarcity, consumers are poised to bear the brunt of these adjustments, necessitating a recalibration of financial expectations in the digital transaction sphere.
