Cash scarcity hits Bauchi POS centers
An acute cash scarcity has hit Point of Sale (POS) centers in Bauchi State, leaving operators and customers stranded and frustrated in Bauchi metropolis.
The Voice Media Trust (VMT NEWS) observed that POS vendors in the metropolis were struggling to provide services due to the unavailability of cash.
Mr Ali Abubakar, who operates at the GRA Bauchi, expressed frustration over the ugly situation.
“Customers come to withdraw cash but we can’t serve them.
“Banks do not give us more than N100,000, and there’s no cash in the banks.
“So, we’re struggling to meet the demands of customers,” Abubakar said.
Another vendor at the Wunti Market, Abbati Saadu, said that he had resorted to sourcing cash from businessmen instead of banks.
“Banks have never served me the way I want, so I get cash from filling stations and traders in the market for my business.
“It’s more reliable but expensive.
“We’re losing customers due to the scarcity. Something needs to be done urgently,” Saadu further said.
A bank customer, Hajiya Amina Mohammed, attributed the scarcity to the current harvest season.
Mohammed alleged that large sums were withdrawn from banks to purchase and stockpile food items.
“We’ve tried to get cash from banks, but they claim there’s none. It’s affecting our business,” she said.
“Maybe there is inadequate cash distribution also by commercial banks and the Central Bank of Nigeria (CBN),” she said.
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Another customer, Mr Malika Andrew, said the scarcity had left residents and business owners frustrated.
“I need cash for my daily transactions but POS centers can’t help me.
“The situation is affecting my daily business,” said Andrew.
An Economist, Dr Adamu Tiffi, said the shortage had significant implications for businesses and individuals who rely on POS services.
Tiffi, therefore, urged CBN and commercial banks to address the cash scarcity in the state to minimise the plight of the residents.(NAN)
