CBN selects FirstBank, Access, 3 others for cash swap programme

Among commercial banks operating in the country, the Central Bank of Nigeria (CBN) has selected United Bank for Africa (UBA), Zenith Bank, First City Monument Bank (FCMB), First Bank of Nigeria (FBN) Holdings, and Access Bank Plc to facilitate the handover of the redesigned cash to PoS agents.

Recall that the CBN on Monday initiated a cash swap programme in collaboration with deposit money banks (DMBs), Super Agents, Mobile Money Operators (MMO) and PoS agents to increase the distribution and circulation of the new naira notes in rural and underserved areas.

In a Frequently Asked Questions document released to selected agents, the CBN provided some guidelines for the cash swap programme.

According to the document, only five banks have been approved to engage in the programme.

READ ALSO: CBN excludes Lagos, Abuja from new cash swap programme

It read in part, “Not all agents can participate. This is open to only selected agents profiled by the super-agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).

On where the agents can get the new notes, the document added, “from one of these designated banks (Zenith, First Bank, Access, UBA, FCMB). However, you must have a bank account with that bank and your operators (Super-agent/MMO/bank) will have pre-registered you with the bank where you have an account.”

It added, “You must go to the bank you have informed the operator (Super-agent/MMO/bank) of. That is where your agent details will be submitted for verification when you get there to collect the new notes.”

READ ALSO: Just in: CBN increases interest rate to 17.5%, highest in 22 years

The document also noted that an agent is expected to have a record of the customer’s Know-Your-Customer information, which includes name, phone number, bank, account number and amount.

The CBN when announcing the cash swap programme which began on Monday noted that the initiative was aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned notes.

To promote financial inclusion, the CBN said the service was also available to anybody without a bank account.

It said agents might, on request, instantly open a wallet or account, leveraging the CBN tiered know your customer framework.

This, according to the bank, will ensure that this category of the populace (unbanked citizens) is able to exchange or deposit their cash seamlessly without taking unnecessary risks or incurring undue costs.

The CBN also directed agents to sensitise customers to opening wallets/bank accounts and the various channels for conducting electronic transactions.