The Central Bank of Nigeria (CBN) has been told to suspend its policy on cash withdrawal limits.
This is coming from the Association of Mobile Money and Bank Agents in Nigeria, otherwise known as POS operators.
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 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 argued that thousands of mobile money and bank agents operate in hinterlands and creeks where there are no banks, ATMs, poor or inadequate networks. He said electronic or digital banking were not possible in those areas.
Also in the letter to Buhari, dated December 16, 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 engagements with critical stakeholders would continue.
He said, “Considering the fact that the fintech industry in Nigeria has attracted the largest foreign direct investment (FDI), and the bulk of these investments have been channelled into the 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 added.
Olojo, therefore, appealed to 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.