The Central Bank of Nigeria (CBN) has been urged to reverse its new decision and policy on cash withdrawal limits which would be taking effect from January 9, 2023.
It will be recalled that the apex bank, under the new withdrawal policy, had restricted the maximum cash withdrawal by individuals and corporate organizations per week to N100,000 and N500,000 respectively.
The CBN also limited individual Point of Service (POS) to N20,000 per day.
Team@orientactualmags.com learned Victor Olojo, who is the president of the Association of Mobile Money and Bank Agents in Nigeria, told journalists at the National Assembly, Abuja, that there was no adequate provision for mobile money and bank agents in the cashless policy adding that this will be putting the jobs of over 1.4 million agents on the line.
He said thousands of mobile money and bank agents operate in hinterlands and creeks where there are no commercial banks, ATMs and adequate network to allow for electronic or digital banking.
‘Considering the fact that the fintech industry in Nigeria has attracted the largest foreign direct investment (FDI), and bulk of these investments have been channeled into acquisition of POS terminals, high employment opportunities for Nigerians and other infrastructure, all these could be lost as a result of this policy.
Rural economy and the informal sector will be adversely affected by this policy because POS agents play critical roles in serving these segments’ he said.
Olojo urged the apex bank to suspend the policy until the industry stakeholders are properly engaged and a work plan is released.
‘It is worthy of note that AMMBAN (Mobile Money and Bank Agents in Nigeria) 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’ he said-Team@orientactualmags.com
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