PoS: Why Human ATM Is Gaining Popularity In Nigeria
By Gina Emmanuel
With overtly long queues invading banks and Automated Teller Machine (ATM), locations in the country, most people are no longer wasting their time on queues.
The reason is not far fetched. They now resort to patronising the human ATMs kiosks more.
These kiosks come with various branding in all nooks and crannies of the country including Lagos, Ogun, Ondo, Imo and Kogi States. They transfer and withdraw money for their customers on daily basis at a premium charge.
Far from the usual belief, PoS is no longer linked with big malls but these human ATMs revenue generation is far higher by the day.
Speaking to Gtech, one of these human ATM owners, Akpan Desmond, a withdrawal between N1,000 to N10,000 attract a charge of N200.
“From N11,000 to N20,000 is N300, N21,000 to N30,000 is N400 and N31,000 to N50,000 is N500. Although, we also have the limitation of money that we can issue as withdrawal on PoS. The same premium charge goes for transfer”.
Statistics show that Nigerian banks have over 30 million customers. And about 3.5 million or 12 per cent use the POS. But the human ATMs would shoot up the figure before the end of 2017.
Now, filling stations also encourage the use of PoS, which is making transactions on ATM faster and most of them in Ogun State axis also encourage the withdrawal of cash but less than N5,000.
According to Global Accelerex Chief Executive Officer (CEO), Mr Tunde Ogungbade, digital payment can help us manage money more effectively with new ways to save, make payments,access credit or obtain insurance.
He disclosed that investigations conducted by his company revealed that revenue generated on daily basis by these human ATMs are far higher than those received in malls.
He disclosed that there is the probability that the brick and mortal banks may disappear if they insist on Biometrics Verification Number (BVN) and not a simple Know your customer (KYC) .
Ogungbade noted that the financially excluded in the country are those who may have the idea but are unemployed, low income earner, elderly, pensioner, people living with disabilities and financial illiterates.
“Nigeria’s total population of 46.3 per cent is financially excluded but by 2020, 70 per cent of Nigerians would be able to have access to payment service and 20 per cent excluded but this set can come on board with tactical approach”.
He added that government, banks and other financial services would need to move away from the attitude of viewing the objective behind financial inclusion as a national social responsibility but as a profitable business opportunity and enabler of development.
Recall that the Central Bank of Nigeria (CBN), introduced new financing channels for transactions: POS, Agent banking, and Mobile Money. These channels have proven useful in other countries but to a large extent, many of them are stylishly gaining popularity owing to dire necessity by the common man in Nigeria.