Imolites Face Bleak Yuletide As Banks Divert Liquidity To PoS Operators

The forthcoming yuletide season appears bleak for retirees in Imo State, as they are likely to encounter considerable hardship.

Feelers reaching National Newsbreak indicate that these pensioners are not only struggling with limited purchasing power but are also receiving inadequate monthly pension stipends.

Compounding their difficulties, money deposit banks have ceased dispensing cash through Automated Teller Machines (ATMs).

It has been reported that these commercial banks prefer redirecting liquidity to Point of Sale (PoS) operators, who impose high fees for their services.

Interestingly, the PoS machines are owned by the commercial banks, which are profiting at the expense of the pensioners.

Since Thursday, December 18, a majority of commercial banks in the state have halted cash dispensing from their ATM machines.

They attribute this development to actions taken by the Central Bank of Nigeria (CBN).

However, an insider from one of the banks offered a slightly different perspective, suggesting that the primary motivation for this decision is profit.

He stated, “We generate more revenue during this period by disbursing available funds through our POS operations, which are owned by some of us.”

According to him, a significant portion of the funds accessible to the banks is now allocated to PoS operators, where they can maximize profits.

Meanwhile, politicians have commenced stockpiling funds for their upcoming campaigns next year.

He further noted that unless the Federal Government intervenes, the situation will deteriorate further before Christmas, warning that by January 2026, conditions will become dire.

The insider revealed that the banks are already experiencing cash shortages due to actions by the Central Bank of Nigeria (CBN).

He mentioned that banks are struggling to fulfill customer cash withdrawal requests effectively.