February 21, 2024
Mobile money operators and the organised banks’ customers have expressed their opposition to the new Central Bank of Nigeria, CBN, regulations on withdrawals, saying the Bank wants to send them out of business.

‘They want us out of business’, agents kick against CBN’s directives on withdrawals

Mobile money operators and the organised banks’ customers have expressed their opposition to the new Central Bank of Nigeria, CBN, regulations on withdrawals, saying the Bank wants to send them out of business.

The apex bank had restricted cash withdrawals from over-the-counter, Automated Teller Machines (ATMs) to N100,000 and N500,000 per week for individuals and corporate organisations, respectively.

CBN disclosed this, yesterday, in a circular to all deposit money banks (DMBs) and other financial institutions (OFIs).

“We are against this. It is counter-productive. It does not represent what the CBN initially stood for in terms of financial inclusion. This is not driving us forward.

“It is a punishment for an average Nigerian. A bag of rice is N48,000. That means if I want to go to the market I can’t take cash. How will I do the transaction?

“We don’t have the technological infrastructure to support this policy. Nigerians have not been sensitized.

“There is no alternative and you are taking out cash. You are running a cash-dominant economy as we speak.

“Cash still remains king whether we like it or not. Go to the average market we still have more cash transactions than PoS and suddenly you want to seal cash without bringing alternatives and education and sensitizing Nigerians on how the alternatives work.

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