POS operators write Buhari, lobby lawmakers over Cashless policy


POS operators write Buhari, over Cashless policy

POS operators write Buhari, lobby lawmakers over Cashless policy

Some Point Of Sale operators across the country under the auspices of the Association Of Mobile Money And Bank Agents Of Nigeria has appealed to the President, Major General Muhammadu Buhari (retd.), to prevail on the Central Bank of Nigeria to review the current threshold for daily cash maximum withdrawal upward.

The new policy by the CBN, fixed weekly cash withdrawals for individuals at N100,000 and corporate bodies at N500,000 weekly.

The POS operators in a petition written under the aegis of the Association of Mobile Money and Bank Agents in Nigeria and dated 16th December 2022, called for the suspension of the policy to save 1.4m bank agents from losing their means of livelihood.

National President of AMMBAN, Mr. Victor Olojo, who addressed journalists in Abuja Friday, said over 1.4 million people will lose their jobs if the policy is not suspended or reviewed upward.

The group specifically requested an upward review of the maximum withdrawal limit to N500,000 weekly for individuals and N3m for corporate organisations.

It added that the series of engagements with critical stakeholders would continue.

Olojo at the press conference said, “AMMBAN believes the cashless policy in its current state hasn’t provided for Mobile Money and Bank Agents in Nigeria adequately.

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“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 1.4m agents on the line in its present state.

“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.”

The group said it had interacted with the Chairman, Senate Committee on Banking, Insurance, And Other Financial Institutions, Senator Uba Sani, his counterpart in the House of Representatives, Victor Nwokolo, on the matter.

He said, “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.”