ATM abandoned for POS – The Sun Nigeria
Since Adanna Nnamani, Abuja
When commercial banks began licensing Point-of-Sale (PoS) operators, they did not envision a fierce challenge from Automated Teller Machines (ATMs), domiciled in bank premises and other strategic locations. .
Nevertheless, residents of Abuja seem to have abandoned ATMs for POS, citing convenience, loss of ATM card and security concerns. At some banks’ ATMs in busy areas like Wuse, Central Business District and Airport Road, queues of customers that used to stretch for several meters have disappeared.
People now frequent PoS operators scattered in many residential areas.
Ms Salamatu Maigari said she opted for POS after she lost three credit cards at ATMs. This left her stranded at a time when she was in desperate need of cash: “Since my ATM cards have been swallowed three times by ATMs, I prefer to use POS.
“I pay a little extra for PoS services. But it’s better than the stress of getting a new ATM card. Once the machine swallows your card, it becomes damaged and useless.
Another customer, Mr. Philip Amadi, mentioned insecurity as his fear of preferring the outlet: “I closed my office late in Garki one evening last year and decided to use the counter ATM nearby as usual Just as I was about to pick up my card after collecting the cash, two men appeared behind me out of nowhere.
“One of them discreetly showed me a gun behind his belt. They took the money I withdrew, asked me to withdraw up to 50,000 Naira more and took my two phones back before they quickly disappeared on a motorbike.Since then I make my POS withdrawals around my house when I get home while I go to the bank for a counter withdrawal when I need money. an enormous amount.
Miss Rita John said she prefers to use the outlets because of their convenience and proximity: “I prefer to use the outlets because it is more convenient for me. There is no ATM in my area. I will have to drive or take a taxi several miles to use an ATM. Also, with the POS, I don’t have to wait in line. Once one outlet is busy I move on to the next because they are everywhere. »
Emmanuel Audu runs a PoS kiosk on Airport Road, Lugbe. He makes between 10,000 and 40,000 naira in profit per day: “What I like the most about the business is the fact that it is less stressful than other jobs.
and companies in which I have been involved in the past. It is also less capital
intensive and very profitable.
“I only spent around N150,000 to get the PoS machine and set up my shop. Now I earn more than that amount in a month. It is quite risky due to bank robbery and cyber theft, but it is a profitable business.
Another operator, Samuel Jaja, said, “There are more than eight operators on my site, but I am not failing to meet daily sales and profit targets.
However, the increase in business slightly affected turnover. Although I reach my goal, I no longer exceed it like before.
Some residents have expressed reservations about the outlets. They cited security issues and high charges as reasons. One, Mr Sambo Ladan, said: ‘I don’t use the outlet except for emergencies and there is no ATM nearby.
“I had an experience where an unauthorized amount was deducted from my account after using an ATM in Lokoja, Kogi State while I was traveling. Also, I like to withdraw my money in bulk most of the time, and using PoS incurs fees that I consider too high.