During the Yuletide season, cash shortages have hit banks in Ebonyi State, leaving residents, traders, and rural customers stranded. Customers have accused banks of limiting withdrawals to small amounts, such as N5,000 from ATMs and N10,000 or N20,000 at counters, making it difficult to fund festive and business activities.
Mrs. Rose Nworie, a foodstuff dealer, shared her frustration, explaining that she needed over N500,000 for her business but could only withdraw N20,000. According to her, villages where she sources goods accept only cash, not transfers.
Chief Mrs. Nneka Itumo, Chairperson of the Ebonyi State Market Women’s Association, alleged that banks are collaborating with POS operators by diverting cash to them in exchange for high commissions. She noted that transactions in Abakaliki and surrounding areas have shifted primarily to POS agents, who process withdrawals faster than banks but at a higher cost.
She called on the government to intervene, as the situation worsens economic difficulties for the public, leaving POS operators to thrive while customers face severe challenges accessing funds.
