Nigeria ATM Crisis: Nigerians Accuse Banks of Conspiracy with PoS Operators

The frustration among Nigerian bank customers is palpable as the specter of "temporarily unable to dispense cash" haunts Automated Teller Machines (ATMs) across the nation. With an increasing number of empty ATMs, a wave of allegations has emerged, accusing Deposit Money Banks (DMBs) of clandestine collaboration with Point of Sale (PoS) terminal operators, triggering a maelstrom of discontent and demands for accountability.

Nigerians on social media demanded an investigation by the Central Bank of Nigeria (CBN) into the alleged collusion. The contention stems from the perception that banks, by denying access to cash, are complicit in facilitating PoS operators' exploitation of desperate customers.

The narrative gains traction with accounts of PoS operators stationed strategically near ATMs, offering cash for a fee. These operators, according to aggrieved customers, capitalize on the scarcity orchestrated by banks to profit at the expense of ordinary Nigerians. The brazenness of their tactics, draining ATMs late at night and reselling cash at inflated prices, underscores the extent of the alleged collusion.

Analysts weigh in, debunking the myth that PoS operators source their cash directly from ATMs, instead pointing to their reliance on banks for currency. This revelation casts a pall over the integrity of the banking sector, with suspicions mounting over the orchestration of a covert racket.

Customers on social media have been sharing their experience of exorbitant charges levied by PoS operators for cash withdrawals. Christopher's testimony of paying a staggering N40,000 charge for a N2 million withdrawal serves as a stark reminder of the financial exploitation rampant in the system.

Even as the controversy rages, the Delta State Police Public Relations Officer, Mr. Bright Edafe, issues a cautionary advisory to PoS operators, urging vigilance against facilitating large cash transactions that could potentially aid criminal activities such as kidnapping for ransom.