Cash crunch hits Kwara PoS

Residents of Ilọrin, the Kwara State capital on Monday lamented the cash crunch being experienced in the state.

Many POS operators told Daily Trust that they now source their cash from filing stations and other business ventures to meet customers demands.

This is coming in the wake of similar reports in other states of the country.

A POS operator, Mrs Olaonitan expressed frustration sourcing money from banks.

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She said the banks now give as low as N5,000 in some cases to customers.

She added that they now “Source cash from filling stations” and other cash collecting businesses across Ilorin metropolis.

It was observed that some of the POS operators have inflated charges to N150 from N2,000 instead of N100.

A staff of one of the commercial banks at Unity Road, Ilọrin said although the issue is connected to the farming season, many of their customers no longer visit for deposit but for withdrawals.

“We started noticing it last week but it had now worsened”, he said.

He, however, added that they have limited withdrawal to N30,000 irrespective of the customer’s demand adding that “I am aware of some bank pegging theirs at N20,000 and even lower”.