Over 80% of the members of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) have reportedly stopped operating as a result of the cash shortage in the nation.
In an interview with TheCable on Tuesday, Hussein Olanrewaju, a national chief aggregating officer of AMMBAN, claimed that the nation’s point of sale (PoS) operators had been negatively impacted by the present cash crisis.
According to TheCable, POS operators raised transaction fees in response to customers’ growing need for cash. Speaking on behalf of the organization, Olarenwaju stated that AMMBAN has warned its members against engaging in such “illegal” behavior.
While acting as a mini-bank to serve the requirements of underbanked and unbanked Nigerians, the fact is that agents are treated like other Nigerians, he added. “Some brokers do go above and above to obtain cash, which of course has a cost, and then pass the expense onto their clients. It’s sad and concerning.
“AMMBAN has condemned this unlawful behavior and cautioned its members not to be found complicit in it. Over 80% of PoS agents nationwide have closed their doors as a result, which has had a detrimental impact on their livelihood.
Where there used to be 10 agents, there are now scarcely more than 2 agents working in the same area. We’ve been working with the CBN to filter out PoS agents so that these excesses can be stopped.
According to Olanrewaju, the limited number of agents chosen for the CBN’s cash swap program may prevent it from accomplishing its goal. He added that the strategy did not generate a profit for POS operators.
According to the AMMBAN official, the cash swap initiative aims to make it possible for people in the hinterland to exchange old for new notes for a maximum of N10,000 per person per day without incurring any fees. “Agents may only make a fee if the total exceeds N10,000 or if a card withdrawal is involved. It’s not profitable in the real sense.
Limits would be continuously reviewed, according to the CBN governor. By all appearances, the CBN is attempting to collect information so that they do not need to track financial transactions in the nation.
The amount of money printed and how much is in the bank’s possession are the only records they have. However, they are unsure of how much is in private custody.
In conclusion, The people who can and will help relieve the financial strain that Nigerians are currently experiencing are agents. So the masses are calling for quick intervention from the government as hunger for the naira note tends to increase on daily basis.
