"/" POS Agents Purchasing Cash from Fuel Stations and Traders Creates Challenges for Banks - NewStridez

POS Agents Purchasing Cash from Fuel Stations and Traders Creates Challenges for Banks

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Banking agents in Nigeria, like Raheem, face daily challenges due to bank withdrawal limits of ₦100,000. Businesses exchange cash to avoid fees and shortages, causing unintended cash scarcity at banks, driving more customers to increasingly popular POS agents. This situation highlights the struggle for cash availability in the market (Source: TechCabal).

With 1.5 million agents, agency banking thrives on low barriers and POS subsidies, promoting digital payments as cash transactions decline by 36% from 2019 to 2023. Despite the challenges, agents provide crucial services, earning varied daily profits up to ₦25,000. Are these limitations affecting your daily activities in Nigeria? Share your thoughts!



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