DAILY POST investigations in Awka revealed that most banks are denying customers cash, citing a lack of available funds. At one bank in the city, a staff member told a customer that the maximum withdrawal was N100,000, despite claims of insufficient cash.

A female customer, who did not wish to be named, expressed frustration, saying, “I only wanted to withdraw N20,000, but they directed me to the ATM, even though they know the ATM isn’t stocked. I refuse to go to the POS, where I’d have to pay N600 just to withdraw N20,000.”

She added that many people have been depositing large sums of cash into the banks but are unable to withdraw any, calling it “unfair.”

Meanwhile, Comrade Jude Udegbe, Chairman of the Anambra State Motorcycle Transport Welfare Association, also lamented the situation. He noted that real banking transactions have shifted to POS operators in Nnewi, with many struggling to withdraw even N100,000 from traditional banks. He accused the banks of hoarding available cash, as they did in the previous year, and criticized the profit-making role of POS operators, saying it further burdens people already struggling with economic hardship.

A source within the banking sector revealed to DAILY POST that some bank executives may be complicit in the situation, working alongside POS operators to supply them with bulk cash in exchange for an agreed commission. The source further stated that some POS businesses are linked to banks, with bank staff facilitating the distribution of cash to these operators.

Mr. Jerome Obaji, a trader at the Eke Awka market, shared his suspicions, saying, “Some of these large POS operators work with bank staff. How else do they always have cash when customers go to the bank and are told there is none?”

Despite the challenges, the POS business has proven to be a source of income, particularly for unemployed youth. In Awka alone, over 100 young women are engaged in POS transactions, particularly around the popular Aroma Junction.

Comrade Joe Ifedigbo, a local businessman, noted that the rise of POS businesses is helping reduce youth unemployment in the area, providing a viable alternative to long queues at banks. “These young people might have otherwise been idle and causing trouble in the town,” he said.

A POS operator, speaking anonymously, revealed that profits can vary greatly, depending on how much cash is secured for the day. “On a good day, I can make up to N5,000 from cash withdrawals,” she explained. Additionally, POS operators can earn commission on bulk transfers, even without cash on hand.