₦3,000 for ₦100,000: Here is how much Nigerians pay to withdraw cash from POS agents

Despite the flurry of policy changes from Nigeria’s Central Bank in late 2024, the financial industry consensus is clear: commercial banks have lost the cash arms race. Once-dominant banking channels like ATMs and over-the-counter withdrawals have been eclipsed by banking agents, a.k.a POS agents as the most reliable way to access cash across the country. 

In December, the CBN imposed…