• News - North Central - FCT
  • Updated: December 16, 2022

Cash Withdrawal Limit: POS Operators Petition Buhari, NASS

Cash Withdrawal Limit: POS Operators Petition Buhari, NASS

Muhammadu Buhari

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has petitioned President Muhammadu Buhari and the National Assembly over the cash withdrawal limit imposed on account owners by the Central Bank of Nigeria.

As part of the implementation of the cashless policies of the CBN, cash withdrawal of money by individuals per day was reduced to N20,000 while corporate bodies can only withdraw N100, 000.

The group called for the suspension of the policy to save 1.4million bank agents from losing their means of livelihood.

Leader of the group, Victor Olojo, said that over 1.4 million people will lose their jobs if the policy is not suspended or reviewed upward, adding that the series of engagement with critical stakeholders would continue.

In a petition dated December 16, 2022, the group specifically requested an upward review of the maximum withdrawal limit to N500,000 weekly for individuals and N3 million for corporate organisations.

Olojo said, “AMMBAN believes the cashless policy in its current state hasn’t provided for Mobile Money and Bank Agents in Nigeria adequately.

“Even as the CBN Governor made reference to the fact that Mobile Money and Bank Agents are spread across the country, is one of the reasons why he strongly feels the country is ready for the cashless policy, the document puts the jobs of over 1.4million agents on the line in its present state.

“This and many other germane reasons informed the decisions of the Association to engage the CBN, the National Assembly and other relevant stakeholders.

“This is to ensure that while we show support for the cashless policy of the government through the CBN, the policy should recognise the categorisation of Agents’ accounts as it does individuals and corporate entities.”

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Jude Ikpechukwu
Jude Ikpechukwu

Jude Ikpechukwu is a consummate freelance journalist who has worked with many reputable media organi...

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