Calabar residents are currently facing a major financial dilemma that has cast a shadow over the city. Images of long queues at ATMs (Automated Teller Machines) are multiplying, suggesting a worrying situation for residents struggling to access cash. This financial crisis has been addressed in an alarming manner by some residents, highlighting the increasing difficulty in obtaining cash in recent days.
Testimonies collected by Fatshimetrie from Calabar residents testify to the daily ordeal they go through in accessing cash. Long queues at ATMs have become commonplace, resulting in delays in essential financial transactions. This situation seems to particularly impact small businesses that do not have access to Point of Sale (POS) terminals or online banking services.
Furthermore, some POS merchants are taking advantage of the crisis to impose exorbitant fees on transactions, adding to the financial burden on residents who are already struggling to access cash. Abel Uwem, a teacher in Calabar, laments the current situation, describing the lack of cash as an insurmountable challenge, especially as the festive season approaches. He appeals to banks to facilitate access to cash for their customers.
Mechanic Anekan Bassey highlights the problem caused by banks’ limitation on providing customers with amounts above ₦5,000 in cash. This restriction forces many residents to turn to POS merchants, who buy money from banks and petrol stations and resell it at often prohibitive prices. This situation, he says, is becoming increasingly unbearable for the population.
On the health professional side, Miss Uduak Enoch, a nurse, recounts her ordeal to get cash, so much so that she wakes up at the crack of dawn to queue at an ATM hoping to withdraw some notes. However, even such determination does not guarantee a favourable outcome, as many ATMs do not allow withdrawals above ₦10,000.
POS operators, like Omini Mike, justify the higher fees they charge for withdrawals by explaining that they buy cash from petrol stations and supermarkets. Their aim is to make much-needed profits to cover their cash acquisition costs. However, this practice creates an additional financial burden on residents who find themselves caught in the cash crisis.
In short, the financial situation in Calabar has become critical, with long queues at ATMs and onerous practices by POS merchants. It is imperative for local authorities and financial institutions to intervene quickly to address this issue and ensure equitable access to cash for residents of the city.