Banks in Ibadan limit ATM cash, limit counter withdrawals - Residents

Banks in Ibadan refuse ATM cash loading, limit counter withdrawals - Residents

News Agency Of Nigeria

March 27, 2024 3:57 PM

The situation has led to a surge in the patronage of Point of Sales (PoS) operators by residents of Ibadan.

A lot of people can no longer get cash from ATM points, thus resorting to patronising PoS operators

Some residents of Ibadan, on Wednesday, expressed worries over the continued lack of cash at some Automated Teller Machine (ATM) points and the limit set on cash withdrawal in the banking halls.

The News Agency of Nigeria (NAN) reports that the situation has led to a surge in the patronage of Point of Sales (PoS) operators by residents of Ibadan.

A PoS operator, Kunle Fadipe, said many people could no longer get cash from ATM points, thus resorting to patronising the PoS operators. He said that those entering the banking halls also had access to limited cash of between ₦20,000 and ₦50,000.

“What I can see is that banks are reducing the amount of cash in circulation because some people no longer take their money to banks as they used to do.

“As PoS operators, we also patronise filling stations to get cash from them and the boys there are making huge money from this.

“They collect ₦1,500 on every ₦100,000 we collect from them,” he said.

Fadipe said that PoS operators now had more patronage, especially on weekends. A food vendor, Olubisi Adegoke, said that she usually patronised PoS operators, adding that many of them had helped supply cash for her business, with as low as ₦200 charge on every transaction.

“I do not go to ATM points anymore. I do my transactions with PoS operators and it has been working for me,” Adegoke stated.

Another respondent, Yinka Oluwaseun, said some banks had sealed up their ATMs to deter customers from using them.

“I moved from one ATM point to another and none was working. You will see ATM points deserted by people because they are not working.

“I don’t know why banks are not loading their ATMs with cash again but someone told me they have network issues and that they said it would be resolved in three weeks,” Oluwaseun added.

He said that the PoS operator he patronised around UI collected ₦450 on the ₦13,000 he withdrew from his account.

“Bank transfers have also not been going through in some banks except you do such transactions early in the morning or very late at night,” he said.

Another resident, Olaniyi Olawuyi, said he noticed that his bank had placed a limit on the amount of cash customers could withdraw.

“We have been limited to ₦40,000 cash on the counter,” he said, adding that he had been able to do transfers without any hitch,” he noted.

A bank official, who spoke on condition of anonymity, explained that huge cash used to come to banks from filling stations before. The bank official, however, said that it appeared some PoS operators had partnered with the filling stations to get money from them, hence the cash shortage in the banks.

According to the official, the Central Bank of Nigeria (CBN) has also not been bringing cash to banks, stressing that this is why most of the cash from banks is old and dirty.

News Agency Of Nigeria