Public outcry has continued to trail the newly introduced policy by the Central Bank of Nigeria (CBN), that limits over the counter and ATMs withdrawal to N100,000 per week for individuals and N500,000 for corporate organizations.
The policy also affected Point of Sale (POS) operators. POS withdrawal was limited to N20,000 per day for individuals and N100,000 for corporate bodies, greatly downsizing the operators’ turnover.
Consequently, a group under the aegis of Point of Sale (POS Operators) has in protest over the policy, petitioned President Muhammadu Buhari and the National Assembly.
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Speaking to journalists in Abuja on Friday, the National President of Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Victor Olojo, said that if the central bank proceeds to implement the policy, more than 1.4 million bank agents will lose their jobs.
In the petition dated 16 Dec. 2022, the group asked that the policy be reviewed upward, allowing the maximum withdrawal limit of N500, 000 weekly for individuals and N3 million for corporate organizations.
“AMMBAN believes the cashless policy in its current state hasn’t provided for Mobile Money and Bank Agents in Nigeria adequately.
“Even as the CBN Governor made reference to the fact that Mobile Money and Bank Agents are spread across the country 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.
“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 recognize the categorization of Agents’ accounts as it does individuals and corporate entities,” he said.
But AMMBAN’s concern has been noted by the National Assembly. The House of Representatives had last week, summoned the CBN governor, Godwin Emefiele, to answer relevant questions respecting the cash withdrawal policy. The House had asked the governor to suspend the policy in order to protect Small and Medium Enterprises (SMEs), especially in rural areas.
“I do not know how my people will go and change this money, I do not know where my people will go and get it; the best we have is the POS, our people still deal in physical cash.
“The issue affects everyone, most of our people are in rural areas and everything is being done in Naira and cash and somebody will wake up and make a policy that will start tomorrow, no consultation.
“People have forgotten that 80 to 90 percent of our people are in the rural areas, we must do something to save the situation, if there were enough banks and facilities, why not, it will work,” Rep. Rep. Aliyu Magaji lamented.
On Wednesday, the Senate similarly asked the central bank to considerably adjust the cash withdrawal limits. Although Emefiele had acknowledged the possibility of the withdrawal limits being adjusted upward, the CBN governor did not honor the summon of the National Assembly to give further details about it.