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Financial Inclusion: PoS operators cry out to Buhari, seek upward reviews of CBN’s cash withdrawal limits

*The Point of Sale terminal operators, in a written petition, say they will advance  engagements with the Central Bank of Nigeria, National Assembly, and other relevant stakeholders for upward reviews of the current cash withdrawal limits, to save over 1.4million jobs of banks’ agents in the economy

Isola Moses | ConsumerConnect

Sequel to the latest Central Bank of Nigeria (CBN) cashless cum Naira redesign policy communicated to the Deposit Money Banks (DMBs), Point of Sale (PoS) terminal operators have appealed to President Muhammadu Buhari to prevail upon the CBN to review upwards the current maximum daily withdrawals via Over the Counter (OTC), and other electronic payment platforms in the country.

ConsumerConnect reports the PoS operators, under the auspices of the Association of Mobile Money and Bank Agents of Nigeria (AMMBAN), in a petition written and dated December 16, 2022, urged the suspension of the policy.

The Association noted the move would help the country to save 1.4million banks’ agents from losing their means of livelihood.

It is recalled the new CBN policy has fixed weekly cash withdrawals for individuals at N100,000 and corporate bodies at N500,000 respectively.

Mr. Victor Olojo, National President of AMMBAN, at a press conference Friday, December 16, in Abuja, FCT, said over 1.4 million people would lose their jobs, if the cashless policy is not suspended or reviewed upwards.

AMMBAN, particularly, requested an upward review of the maximum withdrawal limit to N500, 000 weekly for individuals, and N3million for corporate organisations.

The series of engagements with critical stakeholders would continue, said Olojo.

We support government’s cashless policy – AMMBAN

The National President of the Association also stated, that “AMMBAN believes the cashless policy in its current state hasn’t provided for Mobile Money and Bank Agents in Nigeria adequately.

“Even though the CBN Governor made reference to the fact that Mobile Money and Bank Agents are spread across the country, which is one of the reasons why he strongly feels the country is ready for the cashless policy, the document puts the jobs of over 1.4million agents on the line in its present state.”

He noted that “this and many other germane reasons informed the decisions of the Association to engage the CBN, the National Assembly, and other relevant stakeholders.

“This is to ensure that while we show support for the cashless policy of the government through the CBN, the policy should recognise the categorisation of Agents’ accounts as it does individuals and corporate entities.”

AMMBAN as well disclosed it had interacted with Senator Uba Sani,  Chairman, Senate Committee on Banking, Insurance, and Other Financial Institutions, and Hon. Victor Nwokolo, his counterpart in the House of Representatives, on the burning issue in the financial sector of the economy.

“They were all in agreement that owing to the high relevance Mobile Money and Bank Agents have in the successful implementation of the Cashless policy, there has to be categorisation of the accounts to be able to serve the Nigeria people, especially in areas where there are no banks or basic infrastructure to enhance the usage of alternative channels of transaction.

“It is worthy of note that AMMBAN and its members have always been at the forefront since the inception of the Financial Inclusion drive in ensuring the achievements of the set goals.

“It is strongly believed that no success story can be pointed to without the selfless efforts of agents who, against all odds, go to the creeks and hinterland in the drive to deepen financial inclusion goals as set by the CBN,” Olojo said.

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