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Reading: Lagos Traders Reject E-transfers Amidst Cash Scarcity, Fraud
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Economy

Lagos Traders Reject E-transfers Amidst Cash Scarcity, Fraud

Despite the ongoing cash shortage and bank rationing, several traders in Lagos have expressed their reluctance to accept electronic fund tra...

News Agency of Nigeria
News Agency of Nigeria - Agency Reporter December 13, 2023
Updated December 13, 2023 at 1:54 PM
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Lagos Traders Reject E-transfers Amidst Cash Scarcity, Fraud
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Lagos Traders Reject E-transfers Amidst Cash Scarcity, Fraud
Despite the ongoing cash shortage and bank rationing, several traders in Lagos have expressed their reluctance to accept electronic fund transfers. 

This is largely due to issues with network connectivity and the risk of fraudulent transactions.

A survey conducted among traders, particularly those involved in small-scale trading, revealed that delays and failures in bank networks have had a substantial negative impact on their businesses. 

Observations from major markets in Alimosho, Oshodi, and Mushin areas indicate a widespread loss of confidence in cashless transactions among traders.

Fatima Tunji, a corn vendor, shared her frustration with her daily sales being affected by network delays and failures. She recounted an incident where a customer's transfer for a N500 purchase of roasted corn was delayed and eventually failed. 

This failure resulted in a loss of profit for her, as she did not receive the payment and the customer was unable to access the money.

Similarly, Ufuoma Nnaji, a seller of roasted yam and plantain, mentioned that she had stopped accepting transfers after being duped by a customer who used a fake transfer alert. 

She now insists on cash payments from customers, especially as she does not own an Android phone to check her balance. Her only option is to contact a Point of Sale (PoS) operator to perform the service, with the charges borne by the customer.

In areas such as Ikotun, Ejigbo, Ajao Estate, and Mushin, it was observed that only a few ATMs at banks were dispensing cash to customers. For banks with about five ATMs, only one was operational. The ATM dispensed a maximum of N5000 to non-account holders with the banks, while account holders could withdraw up to N10,000.

PoS operators who spoke to NAN reported experiencing cash scarcity. They urged commercial banks to alleviate the burden on Nigerians by regularly restocking and maintaining ATMs.

Hakeem Dosunmu, a PoS operator in Ajao Estate, mentioned that many of his colleagues had increased their charges due to the cash scarcity. 

However, he has decided to maintain the standard charges of N100 for N5,000 and N200 for N10,000 withdrawals, acknowledging the hardship faced by people.

Tags: Economy, Nigeria

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