The Central Bank of Nigeria has excluded mobile money/Point of Sales agents in Abuja and Lagos from its newly launched cash swap programme, The PUNCH has learnt.
Regarding what happens if an agent uses the new notes for other purposes other than the new naira initiative, the document noted, “There will be severe sanctions such as de-listing as an agent, withhold of any applicable benefit, de-list from future programmes, negative report to bank & CBN and other such penalties as directed by regulatory authorities.”
“Agents are also permitted to charge cash-out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service. The National President, Association of Mobile Money and Bank Agents in Nigeria, Mr Victor Olojo, told our correspondent that a proposed meeting with the CBN did not hold.
It said agents might, on request, instantly open a wallet or account, leveraging the CBN tiered know your customer framework. This, according to the bank, will ensure that this category of the populace is able to exchange or deposit their cash seamlessly without taking unnecessary risks or incurring undue costs.
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