Cash Withdrawal Limits: POS operators want policy suspended

The Association of Mobile Money and Bank Agents in Nigeria, otherwise known as POS operators, has called on the Central Bank of Nigeria (CBN) to suspend its policy on cash withdrawal limits.

The apex bank, under the new withdrawal policy, restricted the maximum cash withdrawal by individuals and corporate organisations per week to N100,000 and N500,000 respectively.

The apex bank also limited individual Point of Service (POS) to N20,000 per day.

The policy is billed to take effect on January 9, 2023.

Briefing newsmen on Friday at the National Assembly, Abuja, the president of the association, Victor Olojo, lamented that there was no adequate provision for mobile money and bank agents in the cashless policy in its current state, 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 banks, ATMs anf adequate network to allow for electronic or digital banking.

He said, “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.”

Olojo, therefore, appealed to the apex bank to suspend the policy until the industry stakeholders are properly engaged and a workplan 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.

(Daily Trust)