The Central Bank of Nigeria (CBN) has allayed the fears of point-of-sales (PoS) agents over the newly promulgated cashless policy.
The apex bank refuted claims that its new policy limiting cash withdrawals is targeted at PoS operators in particular.
The CBN’s Director of Banking Supervision, Mustafa Haruna, discountenanced such notion during an interview on Channels Television’s Sunrise on Saturday.
Though the apex bank, on December 6, set the daily withdrawal limit at N100,000 and N500,000 for persons and organisations, respectively, it made allowances for certain cases to withdraw up to N5 million or N10 million.
Haruna said the outrage that’s trailed the policy is unexpected because that’s always the situation when new policy and regulations are introduced by the government.
“Let me just correct an impression: not in any way are they (PoS agents) endangered,”
“When you do the numbers, how much does a typical agent outlet need in a day? People need to just see this as a policy that is intended at contributing to economic growth and development, and when Nigerians know the enormous benefits inherent in this policy, I’m very sure it will shift mindsets.
“It is typical when you introduce something new, there is always that trepidation and apprehension. But that is why we are also combining it with extensive and sustained campaigns and sensitisation just to ensure that Nigerians understand what is at play, what is involved, and what is in it for them.”
Haruna cited the December 6 circular of the apex bank which stated that in “compelling circumstances,” should an individual or organisation need an amount above the set limit, there are conditions to fulfill.
The CBN had stated that in such instances, not exceeding once a month, withdrawals above the limit shall be subject to processing fees of five and 10 percent for individuals and corporate entities, respectively, in addition to “enhanced due diligence and further information requirements.”
Haruna explained that the CBN had seen exponential growth in the agent networks around Nigeria, describing them as “quite ubiquitous.”
“There is hardly any nuke or cranny in Nigeria where you go that you won’t see one agent outlet or the other where they do cash-in, cash-out services. Such customers can take advantage of those services,” the CBN director said.
“But to the point about the quantum of naira such a customer would need, of course, this is an evolutionary process; we will get there. And if you have such a need for a high volume of cash, you can always go to your bank to say, ‘Look, this is my business,’ and they will be able to (attend to you).”