When was the last time you walked up to an ATM, put in your card, and actually got cash? Been a while, right? Maybe months ago—or even years? Chances are you don’t even bother with the ATM anymore. These days, when you need cash, you probably head straight to the nearest POS agent in your neighborhood.
Across Nigeria, especially in urban areas, POS agents are everywhere. Just look around, and you’ll spot someone with one of those small, mostly blue, POS machines, ready to help you out—for a fee. Need N5,000? That’ll be around N100. Need N10,000? You’ll pay N200. So now, we’re paying just to get our own money—the money we deposited in our bank accounts, money we used to be able to withdraw from ATMs at no extra cost.
It makes you wonder: when did paying to access your own money become normal? Good question. In 2013, the Central Bank of Nigeria (CBN) introduced agent banking and POS systems as part of a push to increase financial inclusion. The idea was to reduce the need to carry around large amounts of cash and to make transactions safer and more convenient.
Globally, POS systems are a common way for businesses to accept payments. Customers can easily pay with their phones, tablets, or any device connected to the internet. It simplifies payments and helps retailers manage inventory and improve customer service. This was also the initial goal in Nigeria.
But now, what’s the reality? ATMs sit unused, often out of cash, gathering dust, while nearby POS operators offer the only real option for withdrawing money. Going to the bank for cash withdrawals has become almost unheard of, and using ATMs is no longer a dependable choice.
Shouldn’t getting your money be as easy as putting it in the bank? And shouldn’t that access be free? That’s the argument many Nigerians are making as they call for a ban on POS charges. Others, though, feel POS services offer employment opportunities for operators and that banning them would take away a vital source of income. Some say these POS jobs only exist because of gaps in the government’s ability to create proper employment, and they feel Nigeria’s financial system has failed people. Even back when ATMs were more reliable, they often involved long lines, frustrating waits, and occasional breakdowns—making withdrawals an ordeal.
Opinions vary, but one thing is clear: many Nigerians are frustrated with the POS charges and the fact that using them has become more necessity than option.
Check out some of the reactions from Nigerians on the state of POS services and cash accessibilty:
