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CBN bans Abuja, Lagos PoS operators from exchanging cash

CBN bans Abuja, Lagos PoS operators from exchanging cash

The Central Bank of Nigeria has barred mobile money/point of sale agents in Abuja and Lagos from participating in its recently launched cash swap programme.

The news comes as the January 31 deadline for the discontinuation of the old N1,000, N500, and N200 notes approaches.

The CBN provided some guidelines for the cash swap programme in a Frequently Asked Questions document distributed to selected agents and obtained by our correspondent on Monday.

Only five banks have been approved to participate in the programme, according to the document. Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, and First City Monument Bank are the names of the banks.

It read in part, “Not all agents can participate. This is open to only selected agents profiled by the super-agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).”

On the number of states selected for the programme, it read, “Selected agents in all the 36 states (except Lagos state and FCT, Abuja). Lagos and Abuja agents are excluded from this.”

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It was also learnt that the agents are restricted from using the new notes for their regular transactions, only for the programme.

On where the agents can get the new notes, the document added, “from one of these designated banks (Zenith, First Bank, Access, UBA, FCMB). However, you must have a bank account with that bank and your operators (super agent/MMO/bank) will have pre-registered you with the bank where you have an account.”

It added, “you must go to the bank you have informed the operator (super agent/MMO/bank) of. That is where your agent details will be submitted for verification when you get there to collect the new notes.”

Also, each agent’s name, BVN number, and operator’s name are required before the new notes will be released.

The document added that the bank would also verify the agent’s picture and fingerprint.

The document also noted that an agent is expected to have a record of the customer’s Know-Your-Customer information, which includes name, phone number, bank, account number, and amount.

It was also noted that why there is no restriction on how much a customer can deposit, only N10,000 can be released per customer under the cash swap programme.

The CBN also urged the agents to open a bank account or wallet for customers with bank accounts.

CBN bans Abuja, Lagos PoS operators from exchanging cash

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