The Association of Mobile Money and Bank Agents in Nigeria,has said that the new cash withdrawal limits introduced by the Central Bank of Nigeria,CBN,will put the jobs of over 1.4 million agents on the line.
President of the association, Victor Olojo,who disclosed this to newsmen in Abuja,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.
He demanded an upward review of the maximum withdrawal limit to N500, 000 weekly for individuals and N3m for corporate organisations,adding that the series of engagement 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 bulk of these investments have been channeled into 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 plays critical roles in serving these segments.”
He begged the apex bank to suspend the policy until the industry stakeholders are properly engaged and a work plan released.
He 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.”
