As the festive season approaches, concerns are mounting over a potential cash scarcity in Onitsha and its environs. Reports of reduced cash circulation have prompted widespread anxiety among residents, traders, and businesses preparing for the yuletide rush.
A survey conducted by the ABS News team across banks, markets, and Point of Sale (POS) outlets in the Onitsha metropolis revealed troubling signs of a cash crunch. At major banks such as Zenith Bank and United Bank for Africa, staff disclosed off-camera that cash availability has declined significantly due to reduced depositor activity. Many business owners reportedly prefer to hand over cash directly to POS agents, while others hoard it in anticipation of increased holiday demand.
Traders at popular markets like Relief, Shoe Site, and Tarzan echoed these concerns. Messrs. Chukwuma Nwanota, Nwabueze Lemoha, and Chinansa Aneke noted that most customers now avoid paying in cash. When cash does flow in, traders often pass it directly to POS agents, bypassing the need for bank transactions.
POS operators, including Mrs. Nonye Chijoke and Mrs. Oluchi Akuekwe, confirmed the trend, stating that they now rely heavily on traders for cash supply. They lamented that banks frequently fail to meet their cash withdrawal requests, exacerbating the shortage and leaving many agents unable to satisfy customer demands.
The worsening cash scarcity has raised alarm among residents, who fear it could disrupt economic activities during the peak shopping season. The situation also highlights concerns about the readiness of financial institutions to manage the seasonal surge in cash demand.
