Point of Sale operators across the country under the aegis of the Association of Mobile Money and Bank Agents of Nigeria have appealed to the President, Major General Muhammadu Buhari (retd.), to prevail on the CBN to review the current threshold for maximum daily cash withdrawal upward.
The new policy by the CBN fixes weekly cash withdrawals for individuals at N100,000 and corporate bodies at N500,000.
The PoS operators in a petition dated December 16, 2022, called for the suspension of the policy to save 1.4 million bank agents from losing their means of livelihood.
The National President of AMMBAN, Mr Victor Olojo, who addressed journalists in Abuja on Friday, said over 1.4 million persons would lose their jobs if the policy was not suspended or reviewed.
The group 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 engagement with critical stakeholders would continue.
Olojo said, “AMMBAN believes the cashless policy in its current state hasn’t provided for mobile money and bank agents in Nigeria adequately.
“The CBN governor made reference to the fact that mobile money and bank agents are spread across the country and it is one of the reasons why he strongly feels the country is ready for the cashless policy; the document puts the jobs of over 1.4 million 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, and his counterpart in the House of Representatives, Victor Nwokolo, on the matter.
Olojo added, “They were all in agreement that owing to the high relevance of 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 her 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 the financial inclusion goals as set by the CBN.”
[Punch]
