Benue Residents Struggle Amid Severe Cash Shortages

Due to the state’s banks’ ongoing cash constraint, which forces many customers to rely on Point of Sale (POS) machines for daily transactions, Benue citizens claim they are experiencing serious financial hardships.

They said the scarcity had a negative impact on individuals, especially now that end-of-year celebrations were being planned.

Mr Wilfred Anum, a client, complained that the lack of physical currency had caused long lines at Automated Teller Machines (ATMs) and general annoyance.

“This is sad. We are at the mercy of POS operators. Some are charging as high as N300 and some even N400 to withdraw N10,000.

“Customers have increasingly resorted to POS systems to make payments and withdrawals, but the cost and limitations of using these alternatives are becoming significant hurdles.

“While POS transactions offer a solution, they come with their own set of problems, such that their transaction fees have become burdensome for those making frequent payments,” Anum said.

Mr. Dondo Wende, a small-scale dealer, also voiced his worry about the extra fees that had reduced the profitability of their companies.

“The fees are too high, and sometimes the machines don’t work properly, causing delays,” Wende said.

A trader named Mrs. Nguveren Imo, claimed that the prolonged cash issue was hurting the local economy and that small businesses—which are the foundation of Benue’s economy—were particularly hard impacted since they depend so heavily on cash transactions.

“The inability to access cash is stalling economic activities, and it has long-term consequences for the economy.

“We cannot survive without cash; it is difficult to pay local suppliers who need cash because they operate in non-bankable areas.

“We also need to settle debts or even buy stock. We are stuck in this cycle, and it is affecting not just businesses but families as well,” she said.

Manomsi Mallum/ NAN