Cash scarcity disrupts life in Kano, with POS operators and residents struggling to access funds. Explore the impact and possible solutions.
Residents and Point of Sale (POS) operators in Kano are voicing significant worries about the increasing cash shortage that has greatly affected daily life and local businesses.
The shortage has made it more challenging to access cash, causing stress for both residents and business operators.
Point of Sale (POS) operators have reported a decline in business as they face difficulties obtaining cash to satisfy customer demands. Meanwhile, residents express concerns that the shortage is hindering their ability to carry out essential transactions.
Numerous local businesses that depend on cash transactions are encountering difficulties, with concerns mounting that the persistent shortage could exacerbate and threaten their long-term viability.
Halliru Akilu, a local resident, shared with OBASANJONEWS, “Honestly, there’s been a cash shortage lately. I usually don’t carry cash on me; instead, I try to find places where it’s available when needed. But now that’s become difficult.”
When you go to certain Point Of Sale (POS) locations, it’s difficult to get more than N1,000 or N2,000. Preparing for work becomes a daily challenge because they rarely accept transfers; cash is necessary.
A POS operator, A. A Adamuamentes, expressed his concern about how people, particularly businessmen, have stopped depositing their money in banks and now prefer to conduct transactions exclusively in cash.
He said, “We’ve been dealing with this issue for the past two months. Normally, we can get cash at banks without any trouble, but now it’s become challenging. Even when you do receive money from them, it’s clear they sourced it from the Central Bank too because they’re also short on funds.”
“Banks were out of cash until they began to restrict the amounts we could withdraw. When you need N500,000, they only provide N30,000. This is significantly impacting our business.”
Peoplesmind
