The group, via their registered community known as the Association of Mobile Money and Bank Agents in Nigeria, AMMBAN has confirmed that the decision of the CBN to review cash withdrawal limits for customers will not affect their businesses for now.
The National President, AMMBAN, Victor Olojo, disclosed this position in an exclusive chat with The PUNCH.
Recall the apex bank had announced its new cash withdrawal policy in line with its plan to completely phase out the old N200, N500 and N1000 naira notes.
The CBN, in a recent announcement, disclosed that effective January 9, 2023, it will be limiting the withdrawal amount by individuals and corporate organizations to N500,000 and N5 million respectively.
The new policy also pegged processing fees of five percent and 10 percent respectively, for individuals and corporate entities, a move expected to cause the PoS agents to increase their service charges.
Olojo however, assuaged customers' fears about the expected increase as he announced the body and the CBN were working on possible solutions to create an acceptable output for customers.
Olojo further added that instead of increasing the service charge, the PoS agents resolved to register their businesses as corporate entities, a move which will grant them the opportunity of making larger withdrawals, rather than increasing service fees.
He said, “Our current stand is that there won’t be an increase in the price of service charge because we are currently in talks with the CBN in order to work out an avenue that will enable agents to access more funds and that will be resolved very soon”.