PoS operators threaten protest against CBN’s cash withdrawal policy

Members of the Association of Mobile Money and Bank Agents (AMMBAN) have threatened to protest against the cash withdrawal limit policy announced by the Central Bank of Nigeria (CBN).

Recall that the apex bank had directed banks to limit over-the-counter withdrawal to N100,000 for individuals and N500,000 for businesses per week.

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

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

READ ALSO: Cash Withdrawal Limit: PoS business not endangered – CBN

Responding to the policy, the national president of AMMBAN, Victor Olojo, said Mobile Money Agents will protest the cash withdrawal limit if the Central Bank of Nigeria (CBN) doesn’t revise the policy.

According to the banking agents, the decision could lead to millions of mobile money agents losing their jobs, by reducing their income and transaction volume.

In a Punch report on Monday, Olojo said if the policy is not revised by the end of 2022, mobile money agents, also known as PoS operators, would take to the street to protest and also file a lawsuit against the CBN.

“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,” he said.

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