Banks in Anambra State have been accused of hoarding cash to maximize profits during the yuletide season.
Comrade Jude Udegbe, Chairman of the Anambra State Motorcycle Transport Welfare Association, leveled the allegations against banks in Nnewi and its environs.
He lamented that real banking transactions have shifted to Point of Sale (POS) operators in the area.
“Currently, it’s challenging to withdraw up to N100,000 at once from any bank within the industrial community,” Udegbe said.
He alleged that banks now prefer to send large sums of money to POS operators in exchange for hefty commissions.
Consequently, POS operators charge their customers exorbitant fees.
This trend has exacerbated the economic hardship faced by the masses, Udegbe noted.
Even traders now prefer dealing with POS operators, striking faster deals, rather than using banks.
“The banks have started hoarding available cash, as they did last year. Meanwhile, POS operators are maximizing profits at their customers’ expense.
“The government must intervene. This situation worsens the difficulties for people already traumatized by economic challenges, Udegbe stated
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