Fakoyejo OlalekanThe National Chief Aggregating Officer of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Hussein Olanrewaju, said 80 per cent of its members have shut down as a result of the scarcity of new Naira notes.
It was gathered that the shutdown has affected the livelihood of Point of Sales (PoS) operators across the country, Olanrewaju stated, disclosing that two agents are now operating in locations that previously had 10 operators.
Join our WhatsApp ChannelOlanrewaju said despite the PoS operators going beyond and above to ensure that the public are able to access funds, they are still mistreated.
He revealed to The Cable on Tuesday that: “the reality is obvious, agents are treated as other Nigerians even when they act as a mini-bank in catering for the needs of underbanked and unbanked Nigerians.”
The chief went on to state the length PoS operators go to make cash available: “Some agents do go the extra mile to get cash which of course comes with a cost and then push the same cost to their customers. It’s sad and worrisome.
“AMMBAN has frowned on this illegal act and has warned its members not to be found wanting in such an act.
“This has made over 80% PoS agents shut down their business across the country and negatively affected their livelihood.
“Where there used to be 10 agents before, you can hardly find 2 agents operating in the same location now.
“We have been engaging with the CBN to categorise PoS agents separately so that these excesses are put to an end.”
CBN’s cash swap success in doubt
Olanrewaju also raised doubt on the success of the Central Bank of Nigeria’s (CBN) cash swap programme. He said the CBN selected a low number of agents for the programme, which he doubts is adequate enough for the programme.
According to Olanrewaju, the cash swap is also not profitable for its members, as they are not allowed to charge a certain volume of withdrawals.
“Cash swap program is aimed at enabling the hinterland to exchange the old naira notes for the new notes at a maximum of N10,000 per person per day without charges.
“Agents are only allowed to charge if the amount is above N10,000 or if it’s a card withdrawal. In the true sense, it’s not profitable.
“The CBN governor said there will be a constant review of limits. From the look of things, the CBN is trying to get data they don’t have to monitor money transactions in the country.
“The only record they have is the amount of money printed and how much is in the bank’s custody. They do not however know how much is in individual custody,” the AMMBAN officer said.
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