₦airaland Forum

The National President, Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo, speaks to JOSEPHINE OGUNDEJI on the impact of the recent Central Bank of Nigeria’s cash withdrawal policy imposed on point of sale terminal operators

How would you describe the new CBN policy which has reduced cash withdrawal limits across all channels?

To start with, AMMAN as an association that recognises the effort of CBN in trying to fix the economy, drive down inflation rate, and put in place all necessary policies and mechanisms to ensure stability in the economy, particularly getting to the point of economic recovery, which is a good agenda. However, this new policy sets us back for certain reasons. Over the past decades, mobile money bank agents across the country have been putting efforts to drive financial inclusion. We have over 1.4 million mobile money and banking agents over the country who make a living in this job. We as an association have over the years tried to align with the objectives and goals of the CBN in terms of financial inclusion, and I can tell you that many agents across the country have committed decades of their lives to go into those local government areas where banks are not present to serve and deliver financial services. The efforts of many agents have yielded positive gains for the country. Right now, we have over 60 per cent of Nigerian adults who are already financially included, which was not the case a decade ago. In the long run, we feel really disturbed by this policy of the Federal Government because the policy would render over 1.4 million Nigerians jobless, inclusive of their dependants and employees. With the support we render to small businesses, I can assure you that if you do a little research by going to the marketplace, you would see clear agents on the impact of money agents across the market. We are doing so well that we have made life very easy and meaningful for Nigerians.

The CBN has said the policy will complement the naira redesign initiative, don’t you think PoS operators’ desire for a reversal of this policy will affect the naira redesign initiative?

Not at all, point of sale operators are under the aegis of the Association of Mobile Money and Bank Agents of Nigeria, are not calling for a reversal, we are only appealing for a review. When the stamp duty was introduced a few years ago, it had a blanket cover on all transactions, but when we appealed to the CBN, there was a review that led to an exemption from 0 – 10,000, there were no stamp duty charges, but for any transaction above 10,000, there were charges. So, our appeal to the CBN is that for mobile money agents in rural areas, particularly in locations where there are no banks, a limit of 20,000 should be reviewed for agents. We agents know ourselves, we know how to self-govern ourselves, we know those who are the real agents, and we are appealing to CBN to consider those of us who are accredited agents, and give us the opportunity to have something to help in serving Nigeria. Just to make it clear, we are not calling for a reversal, we are just calling for a review since agents are an extension of banks and cash is still dominant in our economy. We are appealing that agents have access to more money, the limitation of N20,000 via PoS, or N100,000 over the counter won’t enable us to do anything.

How will this new cash withdrawal limit affect PoS operators’ business?

It would affect operators because Nigeria is still a cash-dominant economy, and other alternative ways of payment have not been fully embraced. The rule of mobile money agents at this time is that we bridge the gap between the banks and the Nigerian masses. This new policy states that we can only withdraw a limit as an individual, what this means is that all I have in a week to do business as a mobile money agent is N100,000. This means I am practically out of business. In the year 2021, we did a cumulative of 6.4 trillion in terms of value on PoS transactions, this year we have exceeded 6.4 trillion within the first nine months of this year, what this means is that with this policy in place, we would not be able to meet the needs of Nigerians.

On your WhatsApp status, you noted that the policy is good but counter-productive, regressive, and derailing. What do you mean?

The true essence of the policy is very good, but the question is, is Nigeria as a country ready for this? What is the percentage of the population that has a bank verification number, national identity number, smartphones, or that have heard of mobile money and bank transfers? The point we are trying to make is very simple, while it is a good policy, this time, it is practically difficult for a policy like that to be fully actualised in its real and main essence. Hence, if the agenda of the CBN is to ensure that we go digital, then the next question is, what is the digital infrastructure we have as a country to support the financial flow? As we speak right now we are still battling with issues of electronic banking, we have a high rate of failed transactions, a high rate of declined transactions, we have a high rate of fraud in the system, we have a high rate of missing money without resolution, and high rate of Nigerians who have lost trust in the system because they have been defrauded or their issues were not resolved. So, we need to get some factors right first before diverting everybody into the electronic system.

PoS operators are planning a protest, what is the next line of action on this?

AMMAN is well registered, known to the CBN, and belongs to several financial committees, however, we do not believe in protest, what we believe in is dialogue and appeal to the regulators.

Does that mean that the protest is no longer scaling?

CBN sets N1m limit for cash collection centres
No, we are not taking protest off the table, the point we are making is that at AMMAN we believe that the CBN ably led by Godwin Emefiele has listening ears and they would listen to the appeal of over 1.4 million Nigerians and their dependants, employees, and families tied to them to help find a way of concession for mobile money agents. However, if our pleas are not considered and the CBN policy is not reviewed, then we would have no choice but to express our worries to step out and appeal to the president on a protest and those who would probably listen to us if we cry out. Hence, we will be protesting against this new policy because it takes our livelihood away from us.

Sequel to reports that the unemployment rate is at 33 per cent, do you think this new policy which could affect PoS business may worsen the unemployment rate?

Absolutely, it is very clear that this policy will worsen the unemployment crisis in Nigeria. It is not as if we would not continue to exist, but if all a PoS agent has at this time is N100,000 for business, and he has to manage that for a week, what profit can he make? Maybe we should remind the regulators how crowded the automated teller machines’ location is and let them know that sometimes technology fails. There is something called population density in telecommunications, there are times you go to highly populated places like a market, and your network stops functioning, and you need to make instant transactions, the cash becomes the solution.

CBN has said PoS operators can utilise the exemption in the circular by applying for N5m in a month for individuals and N10m in a month for corporate bodies. This is subject to processing fees of 5 per cent and 1 per cent respectively. Do you think this will be good for PoS operators?

The reality of this is that the cost would eventually be transferred to the poor, and those at the base of the pyramid. Hence, our appeal is that PoS agents should register through their principals and be given some measure of concession to cover up for periods where technology fails.

In addition, number five of the CBN policy circular stated that the maximum for PoS withdrawal per day is N20,000, this needs to be revised. If a PoS transaction is restricted to just N20,000, then there would be a lot of problems and very worrying. If the capacity of agents can be reviewed to N100,000 daily, that would make a whole lot of sense.

What solution do you proffer for CBN to consider, while implementing this policy sir?

We do not expect CBN to rule out the policies, mobile money agents should not be treated like an outcast, which is neglecting the efforts of agents, as agents have contributed immensely to the Nigerian economy. In implementing the policy, there should be allowance for issues of adoption, and room for flexibility. Also, mobile money agents should be allowed to render coverage for those times when there is a technology failure.

How would this policy impact the coming elections for the operators?

Many have insinuated that the reason this policy is coming up at this time is because of the forthcoming election, but in reality, there is no way mobile money agents would be complicit because we have principals who are regulated and licensed by the CBN, so an agent cannot individually carry out transactions without doing it on the platform of the principal. So, regarding the election and the impact of this policy, I don’t think agents or operators would be used as channels because everything is properly done under the scrutiny of the CBN, and agents are also being monitored.

But with the rampant alleged fraudulent activities stating that agents are helping with defrauding their customers, do you think this policy would help curb it?

I do not think this policy would entirely curb it, because fraud also exists in the core banking system. We have several things happening in the banking system where people have their money drained, so the reality is that this policy does not necessarily sanitise fraudsters in the agency banking, For fraudsters, the Association of Licensed Payment Operators and AMMAN are working together to ensure that we get rid and flush out fraudulent PoS operators who are operating in the system without due accreditation by their principal.
http://www.tiznaija.com/2022/12/just-in-14-million-pos-operators-to.html
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Exclusive from Tiz Naija

“Today I feel Qatari. Today I feel Arab. Today I feel African. Today I feel gay. Today I feel disabled. Today I feel a migrant worker,” FIFA chief Gianni Infantino said in a fiery tirade on Saturday, comparing his own plight as a redhead son of migrants to that of marginalized communities.

His ostensible empathy with Qatar was due to the barrage of criticism the nation has faced in Western media for hosting the tournament.

But it’s hypocritical of the West to be giving lessons in morality to others, he said.

Those statements on the eve of the World Cup went viral, inviting much anger and ridicule. But to many Arabs and Muslims, they resonated strongly...
Read more:https://www.tiznaija.com/2022/11/why-some-arabs-and-muslims-are-offended.html

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May God console him

amen bro

T

Five governors elected on the platform of the People’s Democratic Party, PDP, and some aggrieved party leaders, on Sunday, announced the formation of the Integrity Group saying it will soon take a position on the crisis rocking the party.

The G5 governors and some party leaders are currently having a strategic meeting in Lagos.

Addressing newsmen before going into a closed door meeting, Governor Seyi Makinde of Oyo State said the Integrity Group is the face behind the struggle within the PDP.

Makinde said: “We are here this morning to hold a meeting of the Integrity Group within our party, the PDP. You’ve been of the G5 that is the five PDP governor’s. The G5 is all about the Integrity Group. You can see us, five serving governors, as the face of this struggle but the leaders and elders if the party that you see here are the people behind those faces.“We are this morning in the South west to review the situation within our party, to review where we are and to also look at what is going to happen in the coming elections. At the end of our deliberations, you will be fully briefed on where we stand on those burning issues. On behalf of our leaders and elders in the South west, I want to welcome members of the Integrity Group and wish us.”
http://www.tiznaija.com/2022/11/wike-announce-new-peoples-democratic.html

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David Adeleke's three-year-old son , ifeanyi drownwed on the 31st of october 2022 in his father's mansion in Banana island area of Lagos state.
Fans and public figures offer condolences to the music star after his son drowns in the family pool.


Davido has not spoken publicly about his son's death, which occurred just two weeks after Ifeanyi's third birthday.
The three-year-old son died a very painful and tragic death, from the report we got, the parents of the little child became traumatized, they declined talking to anyone including their friends and family members.
The singer, whose real name is David Adeleke, was not at the residence in Lagos at the time his son, Ifeanyi, died on Monday night.

The child’s mother, Chioma Rowland, was also away, according to Lagos police spokesman Ben Hundeyin.
Fans have been wondering where they have been since their son's sudden death. Now, fans are happy because finally, davido was spotted for the first time since son's death in barbing salon. Netizens who are over excited reacts
see pictures below
http://www.tiznaija.com/2022/11/ifeanyi-adeleke-davido-spotted-for.html

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Nigeria deserves a political leadership that can rescue it from the morass of economic strangulation and the backwaters of technological backwardness. So, it behooves on us to cast our votes wisely in the 2023 presidential election.

Mr Peter Gregory Obi, the Labour Party presidential candidate, is the man who the cap fits regarding the Nigerian presidential seat. Didn’t he acquit himself well in the area of political leadership when he held sway as the Anambra State governor between 2006 and 2014? Then, his leadership prowess manifested in many diverse areas of governance, the impact of which affected Anambra State positively.

A man renowned for his parsimonious nature, he expertly husbanded the economy of Anambra State, and grew it to an astonishingly great heights. As a result, the Anambra State’s finance was in a fine fettle. So, he was able to execute many infrastructural projects in the state. Not only did he construct new roads and repair bad ones, but he also re-built schools’ buildings in Anambra State, which were in decrepit condition. He equipped mission hospitals in the state with modern medical equipment, and gave them facelift, too.

That he turned around the health and educational sectors in Anambra State is an indisputable fact. He injected money into the education sector, and handed schools that were originally owned by the church back to them for the efficient and proper management of the schools. So not surprisingly, during his stay in office as the Anambra State governor, the state recorded excellent results in such examinations as NECO and SSCE, coming tops in those examinations for many years.



He left an imprimatur of peerless political leadership on Anambra State’s political landscape. His leadership examples and achievements have become touchstones and benchmarks for assessing successive governors of Anambra State. The legacies of infrastructural development, revamping of the health and educational sectors, and the prudent management of the Anambra State financial resources, which he left behind in Anambra State, have endeared him to us.

Unlike some other past state governors and political actors, who have the sword of Damocles of allegation of financial misdemeanors hanging over their necks, Mr Obi is not standing trial for any financial misdemeanor. And his reputation is not besmirched by other wrong doings like inappropriate sexual behaviour. So, he wears his epaulettes of moral probity with so much pride. That is why Mr Obi has become the oasis of integrity in Nigeria where politicians’ looting of public treasury is the norm. And he is the darling of the youths as to the 2023 presidential election.

But there are other politicians contesting for the most prized political diadem in Nigeria as Mr Peter Obi is contesting for. In addition to Mr Obi of the Labour Party, the other presidential candidates, who are front-runners for the 2023 presidential election, are Bola Ahmed Tinubu of APC; Atiku Abubakar of PDP; and Rabiu Kwankwaso of NNPP. Each of these presidential candidates has large following; and each of them is popular with a demographic section of the populace.

But Mr Obi is more eminently qualified than the trio of Bola Tinubu, Atiku Abubakar, and Rabiu Kwankwaso. For one, he is a tested politician, who has proved his mettle in the area of political leadership. He has shown that he has the capacity to galvanize and harness our material and human resources to drive our developmental initiatives. And he possesses fealty, moral probity, economic and political ideologies, and broad-mindedness, the qualities, a politician who will lead a heterogeneous country like Nigeria, must possess.

Again, his antecedents and doings have shown that he will unite the peoples of Nigeria rather than divide them. He will bridge the chasm of disunity caused by our ethnic and religious differences by seeing every part of Nigeria as his constituency and ruling us with fairness.

More so, Mr Obi, the Labour Party presidential candidate, is very well-acquaianted with Nigeria’s multifarious problems like her security challenges, economic woes, and infrastructural deficit. He has, however, proffered solutions to them during his interactions with stakeholders in the Nigerian project at different fora, which is part of his electioneering.

But more importantly is the fact that Mr Obi, who is relatively young when compared to other top contenders for the presidential seat, is in good health. So he has both the mental and physical capacity to go the whole hog regarding offering us purposeful leadership that will transform Nigeria positively and leapfrog her to the class of developed countries.

Based on the benefit of hindsight, electing a geriatric whose cognitive ability is impaired and diminished by age and illness will not bode well for the development of Nigeria.

So, we should reminisce and reflect on some of our former leaders’ stay in office in order to extrapolate moral lessons from them. For example, Alhaji Umaru Musa Yar’Adua’s stay in office as our president was marked by his debilitating illness, which resulted in his demise. His death created a power vacuum, which threatened the political stability of Nigeria. And President Buhari’s frequent travels to Britain for medical treatment during his first term in office had dire consequences for Nigeria, then. The affairs of a large and heterogeneous country like Nigeria are too important and delicate to be entrusted in the care of a geriatric, who is always disoriented.

Having this at the back of our minds is one of the major reasons we should disabuse our minds of ethnic sentiments and religious bias when we are choosing our president. We should learn from the peoples of Great Britain, who placed meritocracy above ethnic and religious factors when they elected Rishi Sunak, a non-white person as the Prime Minister of Great Britain. Rishi Sunak, who descended from Indian parentage, has proved that he possesses the mental and physical capacity to lead the charge for the economic recovery of Great Britain.

But back in Nigeria, some people are sniggering at the back of Mr Peter Obi, owing to his ethnic origin(Igbo) and religious affiliation. They have labelled him an IPOB sympathiser and secessionist so as to besmirch his reputation and jeopardize his chances of winning the 2023 presidential election.

Yet, since 1999, when the Fourth Republic birthed in Nigeria, the Hausa/Fulani and Yoruba people, two legs of the three-legged tripod on which Nigeria stands, had taken turns to produce the president of Nigeria. And the Igbo ethnic group, which is one of the three major ethnic groups in Nigeria, has not produced the President of Nigeria. As a consequence, the Igbo people are left in the cold, politically.

So, common sense dictates we should cast our votes for Mr Obi in the 2023 presidential election for he is more eminently and suitably qualified than other presidential candidates angling for the presidential seat.

http://www.tiznaija.com/2022/11/peter-obi-reasons-why-he-will-be.html

I stopped reading social media because people there treat me like s—t. If I read that, my blood pressure rises and I become enraged.
The reason I don't monitor social media, Tinubu

Asiwaju Ahmed Tinubu, the All Progressives Congress' (APC) nominee for president, has explained why he stopped following news items, articles, and social media trends.

The former governor of Lagos State claimed that he gets "high blood pressure" from reading posts on social media.

This was revealed by the APC presidential candidate in a video that one of his allies, Ademola Oshodi, shared on Twitter.
The former governor of Lagos State claimed in the video that he becomes irate anytime he reads anything on social media.

"I stopped reading social media because people abuse the platform to abuse a living daylight out of me
http://www.tiznaija.com/2022/11/tinubu-social-media-gives-me-high-blood.html