Save our business POS operators tell CBN

The Association of Mobile Money and Bank Agents in Nigeria, also known as POS operators, has called on the Central Bank of Nigeria (CBN) to review its daily cash withdrawal limit policy.

What’s their reason?

Victor Olojo the President of the Association, while addressing journalists at the National Assembly Complex, yesterday, explained that the new cashless policy does not adequately provide for POS operators, potentially putting the jobs of it over 1.4 million members at risk.

Olojo stated that the policy is currently not feasible in certain parts of the country, particularly in rural areas and creeks, “where there are no banks, ATMs, and adequate networks to allow for electronic or digital banking.” 

“Rural economy and the informal sector will be adversely affected by this policy because POS agents play critical roles in serving these segments,” he added. 

What’s their request now? 

Olojo also emphasized the significant investment by Fintech startups in acquiring POS terminals and the employment opportunities it has provided for many Nigerian youths, which he said could be lost if the policy is implemented.    

“Considering the fact that the Fintech industry in Nigeria has attracted the largest Foreign Direct Investment (FDI), and a bulk of these investments have been channeled into the acquisition of POS terminals, high employment opportunities for Nigerians and other infrastructure, all these could be lost as a result of this policy” he argued. 

Olojo appealed to the Central Bank Governor to suspend the policy and urged the CBN to engage industry stakeholders to draft a work plan for the policy before being implemented.  

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