The Central Bank of Nigeria (CBN) has allayed the fears of point-of-sales (PoS) agents over the newly promulgated cashless policy. <\/p>\n
The apex bank refuted claims that its new policy limiting cash withdrawals is targeted at PoS operators in particular.<\/p>\n
The CBN\u2019s Director of Banking Supervision, Mustafa Haruna, discountenanced such notion during an interview on Channels Television\u2019s Sunrise on Saturday.<\/p>\n
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.<\/p>\n
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. <\/p>\n
\u201cLet me just correct an impression: not in any way are they (PoS agents) endangered,\u201d<\/p>\n
\u201cWhen 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\u2019m very sure it will shift mindsets.<\/p>\n
\u201cIt 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.\u201d<\/p>\n
Haruna cited the December 6 circular of the apex bank which stated that in \u201ccompelling circumstances,\u201d should an individual or organisation need an amount above the set limit, there are conditions to fulfill.<\/p>\n
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 \u201cenhanced due diligence and further information requirements.\u201d<\/p>\n
Haruna explained that the CBN had seen exponential growth in the agent networks around Nigeria, describing them as \u201cquite ubiquitous.\u201d<\/p>\n
\u201cThere is hardly any nuke or cranny in Nigeria where you go that you won\u2019t see one agent outlet or the other where they do cash-in, cash-out services. Such customers can take advantage of those services,\u201d the CBN director said.<\/p>\n
\u201cBut 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, \u2018Look, this is my business,\u2019 and they will be able to (attend to you).\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s Director of Banking Supervision, Mustafa Haruna, discountenanced such notion during an interview on Channels […]<\/p>\n","protected":false},"author":39,"featured_media":172354,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[2],"tags":[658,18653,53016,52269],"class_list":["post-235734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-cbn","tag-emefiele","tag-pos-agents","tag-withdrawal-policy"],"yoast_head":"\n