50% POS Operators Close Shops Over Naira Scarcity

As the shortage of new and old naira notes bites harder, it has been reported that more than 50% of Point of Sale operators have shut down their businesses.

Hussein Olanrewaju, the national chief aggregating officer of the Association of Mobile Money and Bank Agents in Nigeria, revealed this on Monday and claimed that the impact of the ongoing lack of new and old naira notes has made their members’ situation worse.

While noting that agents should be given preferential treatment in access to the new notes, he lamented that some Nigerians had taken advantage of the situation to charge unreasonable fees.

He said:-

“Operators are licensed bodies that provide platforms which agents leverage on. Currently, agents do not have any preferential treatment to deliver this service, hence, more than 50 per cent of agent shops have been closed down as we