Is this latest limit on ATM card not going to affect POS business in Nigeria
- Thread starter Enxx
- Start date
Each and every bank has a daily card withdraw atleast most of the banks in Zambia and africa has that where you can withdraw upto a certain threshold through Automated tailor machines per card or accoun t unless you are goimng to make an EFT from one account to another within the same bank or with other banks.
It might not affect the POS owners much cause people would still do transactions, and they would still get their cut. It is actually the people it would affect cause some might not be able to carry out some urgent transactions due to the limit.
In fact, it is POS agents are reaping Nigerians from the money crush. Now, they collect 10 times the charges unlike before. Some POS go to markets to outsource funds. Now, they charge 200 per every 1000 you want to withdraw. Presently, Nigerians are passing through a difficult time.
POS business in Nigeria has totally collapsed with the situation of cash in the country as at now. I just hope that everything kicks back so that they won't be unemployed for long.
Some of them are still working and they are based on transfers for now. You just go and give them your ATM and they transfer cash to their accounts and pay whoever you want them to pay. They still charge you.
The latest limit that was set for ATM withdrawal on POS would definitely affect the business negatively.
