The Association of Mobile Money and Bank Agents in Nigeria has expressed optimism that the Central Bank of Nigeria will reverse its cash withdrawal limits policy before the new year.
The new policy by the CBN fixed weekly cash withdrawals for individuals at N100, 000 and corporate bodies at N500,000 weekly.
The PoS operators had in a petition dated December 16, 2022, called on the CBN to review its policy and save 1.4m bank agents from losing their means of livelihood.
Giving an update on the issue, Olojo explained that the assurances given by the CBN and National assembly that POS operators would not be affected by the policy have made the group soft-pedal on its planned legal action.
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. However, if anything doesn’t change by the end of the year, we will go to the streets to protest and go to court.
“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.
Also commenting on the policy, the Chairman, the Nigerian Association of Small and Medium Enterprises, Lagos State chapter, Dr Adams Adebayo confirmed to our correspondent that the association met with the Senate Committee on Banking, Insurance And Other Financial Institutions on the matter last week.
“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 Special Adviser to Gombe State Governor on Strategy and Information Management, Ahmed Gombe, has said the state government was also opposed to the CBN policy on the grounds that the amount stipulated by the CBN was inadequate.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
