The Central Bank of Nigeria has debunked claims by point of sales (PoS) agents that its new cash withdrawal policy will affect their business.
According to Mustapha Haruna the CBN director of banking supervision who was speaking on Channels TV Sunrise talk show on Saturday, there were some exceptions in the policy, which may be of advantage to the POS agents.
“Let me just correct an impression: not in any way are they (PoS agents) endangered,” said Haruna.
“When you do the numbers, how much does a typical agent outlet need in a day? People need to just see this as a policy that is intended at contributing to economic growth and development, and when Nigerians know the enormous benefits inherent in this policy, I’m very sure it will shift mindsets.
“It is typical when you introduce something new, there is always that trepidation and apprehension. But that is why we are also combining it with extensive and sustained campaigns and sensitisation just to ensure that Nigerians understand what is at play, what is involved, and what is in it for them.”
He added that the CBN in the December 6 circular announcing cash withdrawal limits made provisions for “compelling circumstances,” and individuals or organisations who need amounts above the set limit, will have conditions to meet.
The CBN had stated that in such instances, not exceeding once a month, withdrawals above the limit shall be subject to processing fees of five and 10 percent for individuals and corporate entities, respectively, in addition to “enhanced due diligence and further information requirements.”