Point of Sale Operators in the nation are expecting their monthly N700bn monthly revenue to fall by about 80 per cent when the new Central Bank of Nigeria’s withdrawal limit kicks in.
Since July the monthly average revenue of PoS operators has stayed above N700bn according to data on the Nigeria Inter-Bank Settlement System. Revenue was N724.73bn in July; N711.17bn in August; N735.57bn in September; N753.6bn in October; and N759.29bn in November.
This expected fall in revenue was revealed by the National President, Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo.
This is coming after the CBN released a revised cash withdrawal limit in line with its naira redesign policy. This policy restricted the maximum cash withdrawal via Point of Sale terminal to N20,000 daily.
According to him, operators are anticipating a drastic fall in revenue which would affect their income. He 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 N6tn, there is a rippling effect. 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.”
In the first seven months of 2022, PoS customers paid about N92.2bn to use the service based on a The Aproko Vibes report.
Olojo added, “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.”