By Linus Akomolafe and Fakomi Olajumoke
“I started noticing deductions some months ago. At first it was just N200 and N100. Then at night I began to see N1, 000 alert. I did not know where this problem was coming from. When I checked the transactions I did during the day it was clear,” Shukurat explained.
Lawal Shukurat Adewunmi is one of many young Nigerian Point Of Sale (POS) agents in Lagos, with tales of unending deductions from Kudi, a company handling POS machines for agents.
POS business started in 2013 after the Central Bank of Nigeria released guidelines on the operations and management of the business. Since then, it has remained one of the retail channels of several commercial banks to make banking services accessible to more people.
POS (Point of Sale) business offers services like funds transfer and withdrawal, airtime sales, bill payments like GOTV, DSTV, Startimes, PHCN, and other utility bills. It is used in several places where goods and services are sold, places like retail shops, offices, supermarkets, fuel stations, pharmacies, eateries.
Lawal had noticed missing funds from her accounts within three months. The business which many claim is not profitable, has rendered some agents as debtors since they began operations.
Speaking with IkejaBird, Lawal said all the deductions she noticed in her account was N300, 000 with no refunds.
“This issue, I have taken it to their office and out of the whole money they refunded N25, 000 back to me. When this thing started, I didn’t even know that the deduction was on because they were doing it small. In fact, I began fasting when I did not have profit. What came to my mind then was that some people were giving me spiritual money that is taking the rest of my money away,” she said.
Lawal added that when she traced through the history of the transactions, she discovered irregularities in her account.
“When I went to their office on the Island, they told me that there’s nothing they can do because the deduction has been going on for a long time. They only gave me N25, 000. How much are we getting from the business that will make them treat me this way? I have removed all the money in the account and transferred it to another machine,”
For Margarette, a POS operator in Ikeja under bridge, she has not been able to realize the capital she used in setting up the business within the last 6 months.
Margarette, a graduate of Business Administration who was introduced to the trade after several job hunting by a friend in April, said she always noticed a reduction from her money.
“Since I began this business, I am still looking for the gain in the business. My money is even going and I am still looking for my capital.
I have been in this business for 6 months and it was a friend of mine that introduced me to it. Although I had it in mind, where to stay was the challenge. And this business is not the one you can see on streets where people don’t usually pass.”
She added that different people approach her with tricks to defraud her which has dwindled her business. “I know how much I came here with and I know how much I have now. I don’t even know if some of them came here with bad money to sweep my money off. Currently my husband is angry. I hope that next year will be much better.”
When asked how she has coped with fake alerts, Margarette said she would sometimes receive transfers from customers but it would not reflect on her balance.
“The problem is always when customers say they want to transfer. Some will transfer and I will see the alert meanwhile, the money didn’t show. The way I am handling it is when I check and I notice the money added to my balance. Times without numbers, they will say they have transferred without anything showing. I will have to stand my ground until I see it before I will pay out.”
Recently, Vice President Yemi Osinbajo announced the training of over 1, 850 youths on POS business. He also rolled out N20, 000 funds for customers to start up.
Reacting to this development, Margarete said, with N50, 000 a POS business cannot be established and that the government only wasted the fund as many won’t be able to set it up.
“50,000 can’t start this business because KAI officers will collect N500 daily, Oloja people will collect N100 every Wednesday while Local council people will also collect N100 weekly. How much is left and you will buy a stand, do banners and pay other things.”
