EFCC goes to work over POS and ATM Cash Scarcity
EFCC goes to work over POS and ATM cash scarcity in Nigeria: "The Economic and Financial Crimes Commission (EFCC) has levied accusations against banks, alleging collusion with Point-of-Sale (POS) operators to restrict cash availability at Automated Teller Machines (ATMs). This accusatory finger points towards what the EFCC terms as “financial illegality,” where POS operators purportedly amass substantial cash from banks, leaving ATMs shortchanged and inconveniencing Nigerian consumers."
Remember this piece where I argued that Nigeria through our POS ordinance has made Naira a commodity where people can buy Naira with Naira: "Naira became a “commodity” when Nigeria scaled POS agency banking. When that happened, the Naira, among other features, became a “product” or “service” which could be purchased and resold for “gain”. That is not new since we exchange US dollars for Naira and vice versa, but in this case, you are exchanging digital Naira for cash, and vice versa, within the context of the same currency." That piece has triggered a huge debate in Nigeria and it seems EFCC has joined . May Nigeria thrive!