The Executive Director, e-Business and Infrastructure, Inlaks Computers Limited, Tope Dare, has attributed the cashless situation faced by businesses and individuals, leading to the exploitation by Point-of-Sales operators, to the tacky process of putting the cashless policy together and the poor handling of the same by banks.

Dare gave his opinion on Friday during a public lecture he organised, themed “The Cash War Between ATMs and POS Agents in Nigeria.”

He asserted that the lecture was aimed at proffering solutions to currency scarcity, adding that bankers have largely placed the blame on the CBN’s cashless policy. Dare argued that cash shortages stem from regulatory policies rather than banking inefficiencies, adding that despite the push towards a cashless society, cash remains a crucial part of Nigeria’s economy.

He said, “The CBN’s cashless policy has created persistent cash shortages. People now prefer to hoard cash instead of depositing it in banks. The ATM withdrawal limits are there to ensure wider cash distribution.”

He explained that many Nigerians depend on physical cash for their daily transactions, requiring a balanced approach to financial inclusion, stressing that the POS agents evolved from mere alternatives to traditional banking services into crucial intermediaries as well as first-choice service centres for cash supply.

Dare, however, pointed out that the high fees they impose, unchallenged, have incentivised them to source cash through desperate and unethical means, such as withdrawing cash straight off ATMs to fulfil their demand for cash, defeating the purpose of the ATMs.

https://punchng.com/cashless-policy-poor-customer-relations-fuelling-pos-agents-exploitation-expert/