The Point of Sale( POS) Operators have petitioned President Muhammadu Buhari and the National Assembly on the planned cashless policy of the Central Bank, limiting cash withdrawal of money by individuals per day to N20,000 and Corporate bodies N100, 000.
The operators in a petition written under the aegis of Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) called for suspension of the policy to save 1.4million bank agents from losing their means of livelihood.
The National President of AMMBAN, Mr. Victor Olojo, in a news briefing in Abuja, said over 1.4 million people will lose their jobs if the policy is not suspended or reviewed upward .
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 engagement with critical stakeholders would continue.
Mr Olojo explained that the body believes that the cashless policy in its current state has not provided for Mobile Money and Bank Agents adequately.
The CBN Governor had made reference that Mobile Money and Bank Agents are spread across the country, and one of the reasons the country is ready for the cashless policy.
“This and many other germane reasons informed the decisions of the Association to engage the CBN, the National Assembly and other relevant stakeholders.
Meanwhile 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, Hon. Victor Nwokolo, on the matter.
He said, “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 serve Nigerians 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 her 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.”