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Nigerians turn to POS terminals to withdraw cash

Categories : Cash is efficient
November 21, 2016
Tags : Africa, ATM, ATMs, Efficiency, User-friendly
Yobe State, in north-eastern Nigeria, people are now using POS terminals to withdraw cash - an innovative way to solve the region's cash shortage.
Communication Team / Equipo de Comunicación

In Potiskum, Nigeria, locals have found an innovative way to access cash after Boko Haram disrupted the region’s social and economic equilibrium.

The inhabitants of this north-eastern region have turned to Point of Sale (POS) terminals for cash. The cash withdrawal process is quite similar to that of mobile money. Users simply go to a shop that has a POS machine, pay the merchant the amount they want to withdrawal plus a commission, usually 2%. In turn, the merchant hands them the requested amount of money.

Known to hold West Africa’s largest cattle market, Potiskum businessmen and farmers need to have access to liquidity, and this new system has provided them with an acceptable solution to the problem. If previously people from more remote villages had to travel hours to get some cash, POS terminals have offered them some relief and an easier access to cash. Today, almost 80% of the region’s population uses POS’.

To read more, click here.