Cash Swap Programme: CBN Bars Lagos, Abuja PoS Operators

Mobile money/Point of Sales agents in Abuja and Lagos have been excluded from the Central Bank of Nigeria (CBN)'s  newly launched cash swap programme.

The development came as the January 31 deadline for the phasing out of the old N1,000, N500 and N200 notes approaches.

CBN has provided some guidelines for the cash swap programmen in a Frequently Asked Questions document released to selected agents on Monday.

The document revealed that only five banks have been approved to engage in the programme.

They are Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, and First City Monument Bank.

It reads in part, “Not all agents can participate. This is open to only selected agents profiled by the super agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).”

On the number of states selected for the programme, it stated, “Selected agents in all the 36 states (except Lagos state and FCT, Abuja). Lagos and Abuja agents are excluded from this.

The statement added that the agents are restricted from using the new notes for their regular transactions, only for the programme.

On where the agents can get the new notes, the document added, “From one of these designated banks (Zenith, First Bank, Access, UBA, FCMB).

"However, you must have a bank account with that bank and your operators (super agent/MMO/bank) will have pre-registered you with the bank where you have an account.

"You must go to the bank you have informed operator (super agent/MMO/bank) of.

"That is where your agent details will be submitted to for verification when you get there to collect the new notes.”

Also, each agent’s name, BVN number, and operator’s name are required before the new notes will be released.

The document added that the bank would also verify the agent’s picture and fingerprint and also noted that an agent is expected to have a record of the customer’s Know-Your-Customer information, which includes name, phone number, bank, account number and amount.

The CBN also urged the agents to open a bank account or wallet for customers with bank accounts.

It further disclosed that an agent can only get up to N500,000 new notes weekly for the programme.

Regarding what happens if an agent uses the new notes for other purposes other than the new naira initiative, the document noted, “There will be severe sanctions such as de-listing as an agent, withhold of any applicable benefit, de-list from future programmes, negative report to bank & CBN and other such penalties as directed by regulatory authorities.”

In a memo by Moniepoint to their agents, agents were asked to collect BVN, NIN, or voter’s card details from customers paid new notes.

The memo reads in part, “The Swap should be in the form of PoS withdrawals only of not more than N10,000 per person. Any withdrawal more than N10,000 per person should not be paid with new notes.

“Agents are also permitted to charge cash-out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.

“You are to collect BVN, NIN or votes card details from customers paid with new notes for weekly submissions to the CBN.

“The CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”