The Association of Mobile Money and Bank Agents (AMMBAN) has given the Central Bank of Nigeria (CBN) until the end of 2022 to reverse its the cash withdrawal limits.
Point of Sales operators under the umbrella of AMMBAN plan to stage public protests against the new cash withdrawal limit created by the central bank last month.
Prime Business Africa had reported that the central bank limited over-the-counter cash withdrawal to N100,000 and N500,000 for individuals and businesses respectively.
It was gathered that the banks were directed by the central bank to reduce withdrawals at the Automated Teller Machines (ATM) and Point of Sales (PoS) to N20,000 per day.
The mobile money agents are against the policy and have issued warning to the Godwin Emefiele-led financial regulator that it will protest against the cash withdrawal limit in the streets and also assured that it would challenge the policy in court of law.
Speaking on the decision, AMMBAN National President, Victor Olojo, said: “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 by the cash withdrawal limits. 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,” Olojo told Punch.
He added: “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.”
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