Yuletide Shortage Of Cash: Anambra Residents Accuse Banks Of Hoarding Their Money

As the yuletide season draws near, residents of Anambra State are growing increasingly frustrated as banks begin hoarding cash, making it difficult for customers to access their money.

Many customers have been flocking to banks in hopes of withdrawing cash, only to be met with the disappointing response that there is no cash available.

An investigation conducted by our correspondent in Awka, the state capital, revealed that several banks are refusing to release cash, with many claiming that their available funds have run out. At one new generation bank, a staff member informed a customer that he would not be able to withdraw more than N100,000, citing a shortage of funds.

A female customer at the same bank expressed her frustration, noting that while she only needed N20,000, she was being directed to the ATM. However, she pointed out that the ATMs were not stocked with cash, making it impossible to access the funds she needed. “They just refused to give me the N100,000. In my case, I want to withdraw only N20,000, but they are directing me to the ATM, even though they know it is out of cash,” she lamented. “I don’t want to go to POS operators and pay as much as N600 just to withdraw N20,000. This is unfair.”

Comrade Jude Udegbe, Chairman of the Anambra State Motorcycle Transport Welfare Association, also voiced his concerns, highlighting the challenges faced by customers who are unable to withdraw large sums of money from banks. “Currently, it’s almost impossible to withdraw up to N100,000 at once from any bank,” Udegbe said. “The banks have started hoarding cash again, just like they did last year. Meanwhile, POS operators are making a profit at the expense of customers.”

Udegbe called for government intervention, warning that the situation is only adding to the economic difficulties already faced by many people. “This situation is exacerbating the difficulties for people already struggling with economic challenges,” he said.

A source with knowledge of the situation revealed that some bank executives may be working in collaboration with POS operators, supplying them with bulk cash for an agreed-upon commission. According to the source, certain POS businesses in town are either owned by the banks themselves or run by bank employees who have acquired POS machines. A trader at Eke Awka market, Mr. Jerome Obaji, spoke about the close relationship between banks and POS operators, saying, “Some of these large POS operators here in Eke Awka work with top bank staff. How do they manage to get cash every day, while the banks are telling customers they don’t have any?”

While the cash shortage has caused inconvenience for many, the POS business has flourished, providing a convenient alternative for people to access money without waiting in long bank lines. It has also provided a source of income for many young people, some of whom would otherwise be unemployed. In Awka alone, there are over 100 young girls working in the POS business at the popular Aroma Junction.

Comrade Joe Ifedigbo, a local businessman, acknowledged the positive role the POS business plays in the community, saying, “It is a convenient way to access cash without the stress of going to the bank. It also provides employment for our young people, many of whom would otherwise be unemployed and causing trouble in the town.”

A POS operator, who wished to remain anonymous, explained that her daily profit depends on how much cash she can secure. “Some days I make up to N5,000 when I can get enough cash to give out,” she said. “If you’re lucky enough to get customers who are making bulk transfers, you can also earn commission, even without having cash on hand.”

As the cash shortage continues, it seems the POS business will remain a critical service for Anambra residents during the holiday season, despite its drawbacks for those who cannot afford the additional fees.