Why CBN Banned All POS Operators In Abuja, Lagos From New Naira Cash Swap

The Central Bank of Nigeria (CBN) says some mobile money/Point of Sales (POS) agents in Abuja and Lagos have been excluded from its newly launched cash swap programme.

CBN Bans All POS Operators In Abuja And Lagos From New Naira Cash Swap

This was disclosed in a document containing frequently asked questions made available to some selected operators.

Reports say CBN in the document, provided some guidelines for the cash swap programme.

It stated that only five banks have been approved to engage in the programme.

The banks are Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, and First City Monument Bank.

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.”

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.

Meanwhile, the CBN has announced the January 31 deadline for the phasing out of the old N1,000, N500, and N200 notes.

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