Banks, PoS charge cuts Nigerians purchasing power

The charges imposed by money deposit banks and Point of Sales (PoS) on Nigerians who make use of their services for cash withdrawal is cutting into their purchasing power.

Currently, PoS operators charge their customers an average of N2,000 on every N10,000 withdrawal. While most money deposit banks have programmed their ATM to dispense only N1,000 and N2,000 per withdrawal to non-customers to charge N35 per on every withdrawal.

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