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CBN Withdrawal Limits: POS Opererators take protest to National Assembly

More reactions are still trailing the withdrawal limits policy announced recently by the Central Bank of Nigeria (CBN).

This time, the Association of Mobile Money and Bank Agents in Nigeria, known as POS operators, have called on the CBN to suspend its policy on cash withdrawal limits, noting that there was no adequate provision for mobile money.

The policy, which will take effect from January 9, 2023, restricted the maximum cash withdrawal by individuals and corporate organisations per week to N100,000 and N500,000 respectively.


Lamenting this development, while addressing newsmen on Friday at the National Assembly, the President of the association, Victor Olojo said that the policy is putting the jobs of over 1.4 million agents on the line.

He also lamented the effect of the policy on thousands of mobile money and bank agents operating in hinterlands and creeks where there are no banks and ATMs.

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.”

Appealing to the apex bank to suspend the policy until the industry stakeholders are properly engaged and a work plan released, Olojo said, “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.
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No jobs. If you struggle to get any, they struggle to take it from you. Very wicked.

Let them look for other businesses to do. POS is never a business anywhere in the world and was created due to our crase for cash which the government is trying to cure.

You want to pay for an item but the seller will insist you go get cash from POS first. Very foolish style that will be changed by force by to the CBN.

DBestDoc:
Let them look for other businesses to do. POS is never a business anywhere in the world and was created due to our crase for cash which the government is trying to cure.

You want to pay for an item but the seller will insist you go get cash from POS first. Very foolish style that will be changed by force by to the CBN.

Why can't you look within the area and get cash from ATM instead of POS?