1.4m Agents Will Be Unemployed, POS Operators Write Buhari, CBN, NASS

Nigerians who provide Point of Sale (POS) services across Nigeria under under the auspices of the Association Of Mobile Money And Bank Agents Of Nigeria, have written to President Buhari, Emefiele and the leadership of the National Assembly on the new withdrawal limit by CBN.


Newsonline reports that the Association Of Mobile Money And Bank Agents Of Nigeria (AMMBAN) said the new withdrawal policy if implemented will push about 1.4 million POS operators back into the unemployed market.


AMMBAN said this on Friday in Abuja at a press conference to appeal by the fedeal government, Central Bank of Nigeria and the National Assembly leadership to look into the demand of its members.



Recall that the CBN governor had annouced a new withdrawal policy which fixed weekly cash withdrawals for individuals at N100, 000 and corporate bodies at N500,000 weekly.


The policy which will take effect on Januray 9, 2023, placed maximum limit of withdrawal at POS stands at N20,000 in a week.


National President of AMMBAN, Mr. Victor Olojo, who addressed journalists said over 1.4 million people will lose their jobs if the policy is not suspended or reviewed upward.


“AMMBAN believes the cashless policy in its current state hasn’t provided for Mobile Money and Bank Agents in Nigeria adequately.


“Even though the CBN Governor made reference to the fact that Mobile Money and Bank Agents are spread across the country, which is one of the reasons why he strongly feels the country is ready for the cashless policy, the document puts the jobs of over 1.4m 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,”Oloja added.

The statement further read, “They 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 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.”

The group said it had interacted with the Chairman, Senate Committee on Banking, Insurance, And Other Financial Institutions, Senator Uba Sani, his counterpart in the House of Representatives, Victor Nwokolo, on the matter.

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