The Nigerian Association of Mobile Money and Bank Agents, also known as POS operators, has asked the Central Bank of Nigeria (CBN) to suspend its policy on cash withdrawal limits.
Under the new withdrawal policy, the apex bank has limited the maximum cash withdrawal by individuals and corporate organizations per week to N100,000 and N500,000, respectively.
The policy is scheduled to go into effect on January 9, 2023.
The president of the association, Victor Olojo, told reporters on Friday at the National Assembly in Abuja that there was no adequate provision for mobile money and bank agents in the cashless policy in its current state, threatening the jobs of over 1.4 million agents.
Thousands of mobile money and bank agents, he claims, operate in hinterlands and creeks where there are no banks, ATMs, or poor or insufficient networks to support electronic or digital banking.
In a letter to Buhari dated December 16, the group also requested an increase in the maximum weekly withdrawal limit to N500,000 for individuals and N3 million for corporate organizations.
It went on to say that the series of engagements with key stakeholders would continue.
“Considering the fact that Nigeria’s fintech industry has attracted the most foreign direct investment (FDI), and the majority of these investments have been channeled into the acquisition of POS terminals, high employment opportunities for Nigerians, and other infrastructure,” he said. As a result of this policy, all of these could be lost.
“This policy will have a negative impact on the rural economy and the informal sector because POS agents play critical roles in serving these segments.”
As a result, Olojo petitioned the apex bank to halt the policy until industry stakeholders were properly engaged and a work plan was released.
“It is worth noting that AMMBAN (Mobile Money and Bank Agents in Nigeria) and its members have always been at the forefront of ensuring the achievement of the set goals since the inception of the financial inclusion drive.
“It is widely believed that no success story can be cited without the selfless efforts of agents who, against all odds, go to the creeks and hinterland in the drive to deepen financial inclusion goals set by the CBN,” he said.
