The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), has kicked against the new Central Bank of Nigeria (CBN) regulations on cash withdrawals, noting that the apex bank wants to send its members out of business.
Recall that the CBN bank had restricted cash withdrawals from over-the-counter, Automated Teller Machines (ATMs) to N100,000 and N500,000 per week for individuals and corporate organisations, respectively.
The CBN which disclosed this on in a circular to all deposit money banks (DMBs) and other financial institutions (OFIs), added that daily withdrawal from ATMs will now be N20,000 subject to N100,000 per week.
The CBN also directed DMBs and OFIs to load only N200 and lower denominations into their ATMs.
However, AMMBAN, while reacting to the policy through Mr. Olojo Victor, its president, said: “They want to send us out of business.
“We are against this. It is counter-productive. It does not represent what the CBN initially stood for in terms of financial inclusion. This is not driving us forward.
“It is a punishment for an average Nigerian. A bag of rice is N48,000. That means if I want to go to the market I can’t take cash. How will I do the transaction?
“We don’t have the technological infrastructure to support this policy. Nigerians have not been sensitized.
“There is no alternative and you are taking out cash. You are running a cash-dominant economy as we speak.
“Cash still remains king whether we like it or not. Go to the average market we still have more cash transactions than PoS and suddenly you want to seal cash without bringing alternatives and education and sensitizing Nigerians on how the alternatives work.
“This will not fly. It is not suitable. It is a good idea but not at the right time.”