PoS operators vow to protest CBN’s cash withdrawal limit policy

Members of the Association of Mobile Money and Bank Agents (AMMBAN) have threatened to take their protest of the cash withdrawal limit to the streets and court.

The National President of the association, Victor Olojo, said Mobile Money Agents will protest the cash withdrawal limit if the Central Bank of Nigeria (CBN) doesn’t revise the policy.

It would be recalled that the financial regulator directed banks to limit over the counter withdrawal to N100,000 for individuals and N500,000 for businesses.

CBN had also instructed that withdrawals above the limit for individuals should attract five per cent processing fees, and businesses should pay 10 per cent.

Also, it stated that Point of Sale (PoS) and Auto Teller Machine (ATM) should dispense only N20,000 per day for persons using other withdrawal channels.

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This decision, according to the banking agents, could lead to millions of mobile money agents losing their jobs. Also, it will reduce their income and transaction volume.

The National Assembly had promised to prevail on the CBN to revise the withdrawal limit, and the apex bank had also stated that it will be flexible as regards the policy.

“We have not gone to court yet because we have gotten assurances and we are waiting for a formal response from the CBN. We have visited the National Assembly and we have also explored other tools at our disposal at this time.

“They have given words of assurance that mobile money and POS operators would not be affected. So, we are waiting for an official statement from the CBN. However, if anything doesn’t change by the end of the year, we will go to the streets to protest and go to court.

“Remember that the Director of Banking Supervision, Mustafa Haruna, was quoted on a television station to have categorically stated that mobile money and bank agents would not be affected, so we just want to take that as an assurance while waiting for a formal report. We have written to the CBN but we are yet to get a response.”