Ibadan Journal of the Social Sciences
Volume 24, No. 1, 2026
DOI: 10.36108/ijss/6202.42.0180
Media Representations of Bank Customers’ and POS Operators’ Lived Experiences during a Cash Crunch in Nigeria: A Qualitative Content Analysis of Newspaper Reports
Victoria Atinuke Olujimi1, Emeka E. Okafor2 and Jonathan Kehinde Oyedeji3
1Department of Sociology, University of Ibadan, Nigeria
2Department of Employment Relations and Human Resource Management, University of Ibadan, Nigeria
3 Department of Criminology, School of Management and Social Sciences, Miva Open University, Nigeria
Abstract
In early 2023, Nigeria experienced a significant currency shortage due to the Central Bank of Nigeria’s initiative to redesign certain naira denominations and the subsequent deadline for phasing out old notes. This initiative sparked national considerable debates. This study which was based on the manifest content analysis of national newspapers reports, explored the significance of having cash on hand, the barriers to accessing cash, the impact of Point-of-Sale (POS) terminals during the cash shortage, and the experiences and coping strategies of bank customers interacting with POS operators during this challenging period. The study was grounded in Neo-liberalism and Rational Choice theory. Qualitative data were gathered from secondary sources, primarily Nigerian national dailies, including reports, editorials, opinions, and feature stories. The data were analysed thematically according to the study’s objectives. The findings revealed that despite the cashless policy introduced over a decade ago, bank customers continued to need cash for business and daily expenses. The scarcity of cash led to disrupted economic activities, risks to livelihoods, rising inflation, and limited access to essential services such as healthcare. The use of POS terminals was affected by issues such as card problems, weak online transaction infrastructure, failed transfers, unsuccessful POS transactions, and high charges. Bank customers faced frustration, and many businesses experienced significant strain due to poor planning and execution of the redesign policy. The research highlighted that patients were rejected by hospitals due to a lack of cash, leading to fatalities. Additionally, the cashless policy contributed to property damage and business closures nationwide. In response, businesses adapted by shifting to remote work to reduce operational costs and expanded their operations to generate multiple income streams. The study concluded that while a cashless society offers a more efficient means of transaction, successful implementation of the cashless policy requires robust infrastructure and effective regulation of POS operations.
Keywords: Bank customers, cash for business, daily expenses, national newspapers, POS Terminal