👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada


Cash limits: PoS operators give CBN ultimatum

The Association of Mobile Money and Bank Agents in Nigeria is optimistic that the Central Bank of Nigeria would alter its stance on cash withdrawal limitations prior to the new year.Information Guide Nigeria

Sunday, Victor Olojo, the national president of AMMBAN, confirmed to The PUNCH that the National Assembly has pledged to persuade the CBN governor, Godwin Emefiele, to change the policy.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

The new CBN guideline capped weekly cash withdrawals at N100,000 for individuals and N500,000 for corporations.

In addition, the regulation said that, as of January 9, withdrawals above the thresholds will incur processing costs of 5% and 10% for individuals and corporations, respectively.

In addition, third-party checks in excess of N50,000 will not be eligible for over-the-counter payment, but the existing N10 million restriction on clearing checks will remain in place.

In a petition dated December 16, 2022, the PoS operators urged the CBN to reconsider its decision and prevent 1.4 million bank agents from losing their means of subsistence.

However, providing an update on the matter, Olojo explained that the group’s planned legal action has been weakened by the CBN and National Assembly’s guarantees that POS operators will not be affected by the policy.

However, he warned that if the policy was not overturned by the end of the year, the organization’s members would march to the streets and sue the central bank if it was not reversed.

The PoS operators’ union president said, “We have not gone to court yet because we have gotten assurances and we are waiting for a formal response from the CBN. We have visited the National Assembly and we have also explored other tools at our disposal at this time.

“They have given words of assurance that mobile money and POS operators would not be affected. So, we are waiting for an official statement from the CBN. However, if anything doesn’t change by the end of the year, we will go to the streets to protest and go to court.

👉 Relocate to Canada Today!

Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to Canada

‘’Remember that the Director of Banking Supervision, Mustafa Haruna, was quoted on a television station to have categorically stated that mobile money and bank agents would not be affected, so we just want to take that as an assurance while waiting for a formal report. We have written to the CBN but we are yet to get a response.’’

Olojo further hinged his hopes on the assurances by the CBN governor that the policy would be flexible.

“The CBN governor also said they will be flexible, so we are waiting for a revised policy that shows the flexibility. The national assembly also said they will prevail on the governor as they are opposed to the new CBN policy,’’ he noted.

Chairman of the Nigerian Group of Small and Medium Enterprises, Lagos State chapter, Dr. Adams Adebayo, revealed to our correspondent that the association met with the Senate Committee on Banking, Insurance, and Other Financial Institutions last week to discuss the policy.

“The Senate committee has assured the Council of MSMEs that the CBN Governor will review it, especially for PoS and small business owners,’’ Adebayo explained.

The CBN spokesperson, Osita Nwanisobi, could not be reached by phone on Sunday to comment on when the central bank will announce the review of the policy.

Abakpa Anthony, president of the National Union of Banks, Insurance, and Financial Institutions, stated that the policy was excessively stringent and that the CBN should have conducted a trial program to determine the level of compliance before implementing it.NYSC portal

He also claimed that despite the fact that the cashless policy will benefit Nigerians, the country has not yet reached the level of development required to execute a full-fledged cash limitations policy.

The NUBIFI boss said, “The people in the rural areas do not have phones that support online transactions, and in most cases there won’t be a network to consummate transactions.”

Other Top Stories:

He further stated that the ATM and PoS withdrawal limits may  throw many Nigerians into poverty and render the POS operators jobless.JAMB portal

”Some cattle dealers who buy and sell in large numbers in the rural areas where there is no network; what will happen to them? When Nigeria is ripe for such policy, Nigerian workers will know.”

Ahmed Gombe, the Special Adviser to the Governor of Gombe State on Strategy and Information Management, stated that the state administration was also opposed to the CBN policy on the grounds that the sum stipulated by the CBN was insufficient.

Gombe was responding to a news that the NGF rejected the cash withdrawal policy and that the 36 state governors intended to meet with the Presidency to discuss the problem.

Speaking in a chat with one of our correspondents, the media aide stated, “The governor of Gombe state supports any Federal Government policy provided it is in the interest of the Nigerian people , especially in Gombe state. At the same time, he also supports any collective decision taken by his colleagues in the best interest of the Governors Forum.’’JAMB Result


📢 We are hiring writers!

Article Writing Jobs - We are hiring good freelance writers - Click here to apply

Copyright Warning!

Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment. . Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,. . All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA). . . The images, except where otherwise indicated, are taken directly from the web, if some images were inserted by mistake violating the copyright, please contact the administrator for immediate removal.
. We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us  for immediate removal.

Emediong Silver

Emediong Ekpe is a graduate of English. A professional Sports journalist/analyst, and a spoken word artist. He is passionate about decimating information and putting smiles on people's faces via news writing. Whatapp: 08088735884

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

It looks like you're using an ad blocker!

This website InfoGuideNigeria.com is maintained by the advertising revenue and we noticed you have ad-blocking enabled. Please disable Ad-Blocker