Written by Pius Okaneme
Nigerians have a way of making a mess of a good system. I walked from my hotel located next to Maris Road to Bank Road. Every bank I stopped at to withdraw money from the ATM had no cash. From Sterling Bank, UBA, Access Bank, First Bank, Fidelity Bank to my own bank; Eco Bank customers are walking around looking despondent. No ATM was dispensing cash.
I chose to end my walk at Eco Bank where I have an account deliberately. I was of the mindset that if the ATM is not working, I would request from the cashier to be paid by POS. I noticed that the crowd sitting inside the banking hall was waiting patiently for what service I do know. It informed my judgment that my hope may be futile.
A lady stopped the bank manager who was assisting an elderly customer on the banking floor. She was discussing something with her. I could over hear her saying that she needed cash to go to the airport. The manager had a hollow smile and gestured with the shake of her head and was about to walk away. I mentioned to her that maybe she has answered my question. That I was about to tell her that there is no cash in the ATM and I would like to withdraw money from my account via POS with the cashier. She meekly said that the bank has no cash.
I decided to probe her on why a bank would not have cash. She said that cash is diverted to POS operators on the street. She then asked me if I had an ATM card. I instantly said yes hoping that she will tell me to go to the cashier and withdraw money from POS. Not really. She suggested that I should use the POS operators on the street. I quipped that that is why the banks supply cash to the POS operators instead of dispensing it at their ATM. She responded no, that cash is supplied to the POS operators. The logical question becomes: who supplies the POS operators with cash? The manager answered that the fuel stations and big retailers do not patronize the banks as they used to.
My accidental discovery that banks are not having money in the ATMs may turn out to be a shift in the economic system. POS operators are located in every small corner. They make cash accessible to their customers at the instant of their desire. They have removed the distance of commuting to the banks to withdraw cash. The innovation in the banking system of extending POS to street operators has opened an avalanche of employment for the youths. They say that the only thing that is constant is change. I can console myself knowing that a young girl is making a genuine living by collecting change from customers through operating a POS business.
| Pius Okaneme is a poet and political analyst. He writes from Umuoji,, Anambra state, Nigeria. |
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