AMMBAN Seeks Consideration From CBN


Association of Mobile Money and Bank Agents in Nigeria; Chairman of the Lagos Chapter, Mr. Abiodun David said in his speech “We want to categorically state that Lagos State chapter of AMMBAN is with the CBN on the cashless policy, it is a welcomed policy following its benefits to the economy, As far as CBN has said that individuals can withdraw as much as N20,000 from the ATM, to enforce “CASHLESS POLICY”.

“The cashless policy is delivering benefits to the country, While it has reduced armed robbery attacks on individuals, kidnapping has practically seized since the policy came into effect. Inflation is responding fast as well as other economic benefits is yielding for the country.

“Cashless policy and the currency redesign have been in the pipeline for the past 8 years thereabout, Following the objectives of the redesign of the naira notes, the project is in the best interest of the country and thus, Lagos Chapter of AMMBAN is in full support.

“This is because, according to the government, redesigning the naira will bring into the vaults large volume of cash kept in private locations which is supposedly meant to purchase votes by political office seekers. Since the President said he want the forthcoming election to be free and fair, how else can he achieve it if the naira is not redesigned?”

The AMMBAN Lagos chapter Chairman however expressed displeasure over the exclusion of POS agents from the original circulation plan of the new notes by CBN following the suiting contribution their large number would have made to ensure smooth circulation operation.

He said; “It was an omission on the part of CBN to have excluded AMMBAN from the circulation plan of the redesigned notes. Without mincing words, Mobile Money Agents outside of the association are more than the 1.4 million earlier mentioned. Involvement of mobile money agents would have made the processes seamless and we have taken steps to draw CBN attention to that.”

Reacting to the exorbitant charges being collected by POS agents, Pastor Abiodun condemned the act. He stated that majority of those that are engaged in such act are not registered members of AMMBAN and that they are closely monitoring their members asking them to stay within the approved range while the crisis is being resolved.

“AMMBAN condemn in totality the act of collecting higher charges above the approved rate which are N100 for N5,000 and below and N200 for above N5,000

“I must state categorically that majority of those agents that are collecting exorbitant charges are not members of AMMBAN. We have been able to caution our members regardless of the scarcity of the new notes and the entire situation.

“The challenge is that there are many bank agents that does not recognize AMMBAN. But we are taking steps to ensure that its either they join AMMBAN or you don’t practice in the mobile money market. I encourage the public to ensure they patronize only AMMBAN registered members”; Pastor Abiodun Said.

Secretary of Lagos chapter of AMMBAN, Mr Ogungbayi Ganiyu made an appeal for CBN to give more recognition to the association with an assurance that its members are up to date with the FINTECH industry as they are regularly engaged in training and re-training.

We appeal to CBN to give more recognition to mobile money agents than what they give to us at the moment following the benefits we portend for the actualization of the Apex Bank’s policies and for the entire economy.

We consistently conduct training for our members to keep them abreast with trends in the FINTECH space. We parley with the FINTECH, MMOs, commercial banks and the CBN itself. We are available even at this moment to assist in implementation of the cashless policy and the circulation of the redesigned naira notes.

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