NOSA EGHAGHA
The Association of Mobile Money and Bank Agents (AMMBAN), has called on the Central Bank of Nigeria (CBN), to suspend the cash withdrawal limit policy until the industry stakeholders are properly engaged and a work plan is drawn and released.
To drive home this demand, the Association has petitioned President Muhammadu Buhari, and leadership of the two Chambers of the National Assembly to prevail on the CBN to stay action on the implementation of the policy, allow for stakeholders input and make far reaching amendment in favour of the masses.
The Association also demanded from the apex bank, clarification on the limits on POS transactions, to know if it s it on cash out or purchase, as well as classification and categorisation of agents.
Leadership of AMMBAN were at the National Assembly on Friday to submit their petition to officials, which include relevant committee officers.
Addressing journalists, thereafter, National President of the Association, Mr. Olojo Victor, said the National Executive, leaders and other members of AMMBAN converged on Abuja in furtherance to the series of engagement with critical stakeholders to seek for redress of the recent cashless policy released by the CBN.
While appreciating the policy, he lamented that money agents and POS operators will be badly affected, as majority of the over 1,400,000 operators will be out of operation by the policy if implemented.
“You’ll recall that in the new policy by the CBN, individuals and corporate bodies can only have access to N100,000 and N500,000 weekly, respectively.
“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 1.4 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, he said.
The Association appreciated some of the Senators and House of Rep members that they interacted with in the course of the recent meetings at the National Assembly.
The identified lawmakers include: Senator Uba Sani, Chairman, Committee on Banking, Insurance and other Financial Institutions; Senator Orji Uzor Kalu, Vice Chairman to Uba Sani; Senator Matthew A. Urhoghide, Chairman, Committee for Public accounts; Hon. Victor Nwokolo, Chairman House Committee on Banking and Currency; Hon. Tolulope Akande-sadipe, Chairperson, House Committee on Diaspora and Hon. Hafiz Ibrahim Kawu, Vice Chairperson, House committee on Banking and Currency.
The President said these lawmakers were all in agreement that owing to the high relevance 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 financial inclusion goals as set by the CBN,” he said.
The Association said the Agent cash limits should be enough to service an average of 20-50 customers daily.
Other demands include that: “Digital platforms should be improved to accommodate and withstand digital traffic, a good framework for dispute resolution on digital platforms that will protect consumers especially the uneducated and illiterates, the liability of accepting USSD and bank transfer should not be on the beneficiary, and need for publicity and awareness on alternative digital channels.”
Accompanying the National President were: Alhaji Amb Mustapha Kamal (VP Kano); Adeyemo Yusuf (National Programme Director OYO); Idiris Suhabu (AGS Kogi); Alhaji Bala Mohammed (Kaduna AMMBAN Chairman); Agboola Mojeed (Nassaraw Chairman AMMBAN); Comrade Noarh Enesata (Delta State); Mrs Modupe Janet JILI (Abuja AMMBAN Chairperson) and Fasasi Sarafadeen (Formal Chairman Oyo State AMMBAN).
