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Cashless Policy: PoS operators’ N700bn monthly earnings may drop by 80 percent, if …. –AMMBAN

*The Point of Sale (PoS) operators, under the aegis of the National President of the  Association of Mobile Money and Bank Agents in Nigeria, anticipate a drastic fall in revenue affect their earnings in view of the latest cash withdrawal limits by the Central Bank of Nigeria

Isola Moses | ConsumerConnect

Against the backdrop of the Central Bank of Nigeria’s recent cash withdrawal limits, the Point of Sale (PoS) operators in the country say they are expecting their monthly N700billion monthly revenue to fall by about 80 percent.

ConsumerConnect reports the data on the Nigeria Inter-Bank Settlement System (NIBSS) indicated that since July 2022, the monthly average revenue of PoS operators has remained above N700billion.

Likewise, revenue was N724.73bn in July; N711.17bn in August; N735.57bn in September; N753.6bn in October; and N759.29bn November this year.

Victor Olojo, National President of the  Association of Mobile Money and Bank Agents in Nigeria, hinted at this expected fall in revenue in the subsector of the financial market in Nigeria.

It is recalled the CBN lately released revised cash withdrawal limits in accordance with the Bank’s Naira redesign policy.

This policy has restricted the maximum cash withdrawal via Point of Sale terminal to N20,000 daily, which has already gone into effect in the economy.

Olojo also noted the PoS operators are anticipating a drastic fall in revenue which would affect their income.

The AMMBAN National President said: “We should expect a very drastic fall, in fact, a nosedive, and there would be a lot of negative effects, ripple effects that this would cause.

“The moment our transactions are pegged, there would be an adverse effect on the economy. Beyond the N6trillion, there is a rippling effect.”

He further explained “the PoS paper alone, if you do your research as to how much that is worth.

“It is unfortunate, of course the PoS technicians are there and the employees are there too.

“Even Telcos, because we use data for our transactions, there are so many things attached to it, and it is quite disturbing. We know that the CBN is working on fixing this and other attendant issues.”

It was also gathered that in the first seven months of 2022, consumers of PoS service paid about N92.2billion to use the service.

“We are expecting our revenue to fall by 80 per cent compared to what we are doing at the time.

“What this means is that people would be forced to go digital, or they would rather just keep their cash with themselves,” Olojo declared.

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