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CBN Withdrawal Limits: POS Operators storm National Assembly ask for upward review

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***Send Appeal Letter To Buhari

Point Of Sale operators (POS) across the country under the auspices of the Association Of Mobile Money And Bank Agents Of Nigeria, on Friday stormed the National Assembly to plead with Lawmakers to prevail on the Central Bank of Nigeria (CBN) to review upward, the current threshold for daily cash maximum withdrawal. 
The group also sent a letter to President Muhammadu Buhari over similar request for his intervention
The new policy had fixed cash withdrawal for individuals at N100, 000 and corporate bodies at N500,000 weekly. 
National President of AMMBAN, Mr. Victor Olojo, who addressed journalists on behalf of the association said over 1.4 million people will lose their jobs if the policy was not reviewed upward.

A letter addressed to President Buhari, dated December 16, the group requested an upward review of the maximum withdrawal limit to N500, 000 weekly for individuals and N3m for corporate organisations. 

It added that the series of engagement with critical stakeholders would continue. 

Olojo at the news conference said, “AMMBAN believes the cashless policy in its current state hasn’t provided for Mobile Money and Bank Agents in Nigeria adequately. 

Even as the CBN Governor made reference to the fact that Mobile Money and Bank Agents are spread across the country, is one of the reasons why he strongly feels the country is ready for the cashless policy, the document puts the jobs of over 1.4million agents on the line in its present state. 

“This and many other germane reasons informed the decisions of the Association to engage the CBN, the National Assembly and other relevant stakeholders. 

“This is to ensure that while we show support for the cashless policy of the government through the CBN, the policy should recognise the categorisation of Agents’ accounts as it does individuals and corporate entities.”

The group said it had interacted with the Chairman, Senate Committee on Banking, Insurance And Other Financial Institutions, Senator Uba Sani, his counterpart in the House of Representatives, Hon. Victor Nwokolo, on the matter. 

He said, “They were all in agreement that owing to the high relevance Mobile Money and Bank Agents have in the successful implementation of the Cashless policy, there has to be Categorisation of the accounts to be able to serve the Nigeria people especially in areas where there are no banks or basic infrastructure to enhance the usage of alternative channels of transaction. 

“It is worthy of note that AMMBAN and her members have always been at the forefront since the inception of the Financial Inclusion drive in ensuring the achievements of the set goals. 

“It is strongly believed that no success story can be pointed to without the selfless efforts of agents who, against all odds, go to the creeks and hinterland in the drive to deepen financial inclusion goals as set by the CBN.”0

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Flexible Workplace Solutions berths in Abuja as Regus Partners with Chelsea Hotel

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From left: Marc Descrozaille, CEO, EMEA, IWG; Country Manager, IWG, Ayo Akinmade and Director, Chelsea Group Limited, Kenechi Chidolue, during a partnership between Chelsea Group Limited and IWG in Abuja, recently

Following the growing demand for adaptable workplace solutions in the Federal Capital Territory(FCT), a leading flexible workspace provider under IWG, has signed an agreement with Chelsea Hotel to unveil a premium 1,500-square-meter flexible workplace in the Central Business District.

The partnership, which was formalized on Tuesday on the 5th Floor of Chelsea Hotel, Plot 123 Cadastral Zone A0, is aimed at delivering tailored workspace solutions that meet the dynamic needs of modern professionals and businesses.

The innovative workspace offerings will include co-working spaces, private offices, and high-tech meeting rooms, designed to enhance productivity, foster collaboration, and provide flexible options for businesses of all sizes.

“Regus is committed to shaping the future of work by delivering adaptable, premium solutions that enable businesses to thrive. This partnership with Chelsea Hotel reflects our shared vision to empower professionals with world-class workspace environments,” said Marc Descrozaille, EMEA CEO of Regus.

With the growing demand for adaptable workplace solutions, this partnership reinforces the position of Regus and Chelsea Hotel as leaders in meeting the evolving expectations of Nigeria’s business community.

This milestone marks Regus’ first collaboration with a hotel group in Nigeria, following similar successful ventures in other parts of Africa, including Ghana.

Speaking at the partnership signing ceremony held at Chelsea Hotel in Abuja, Regus Country Manager, Mr. Ayo Akinmade, expressed excitement about the venture.
He highlighted the potential of this partnership to redefine workspace solutions in Nigeria, starting with a 1,500-square-meter facility on the hotel’s fifth floor.

“This is the first time in Nigeria we are partnering with a hotel group. We are very excited because we know the experience we’ve had elsewhere can and will be replicated here,” said Mr. Akinmade.

The Country Manager revealed that the partnership is likely to extend beyond Abuja, with plans to explore other Chelsea Hotel locations across Nigeria, including Lagos. “Chelsea Group operates in several locations, and this collaboration could serve as a precursor to expansions in Lagos and other cities,” he noted.

The new workspace in Abuja is designed to offer a blend of comfort and functionality, combining the expertise of both Regus and Chelsea Hotel to meet the evolving needs of professionals.
The project is set to launch in four months, with stakeholders and customers invited to preview the space upon completion.

With two existing locations in Nigeria, Regus views this partnership as a strategic move to enhance its footprint while delivering customer-focused, flexible workspace solutions.

The signing event was attended by key executives, including Regus EMEA CEO Marc Descrozaille, Sales Director for Nigeria Mr. Henry Onyeche, and Chelsea Group Chairman Chief Patrick Chidolue, along with other dignitaries and team members from both organizations.

This collaboration signals a new era in workplace solutions in Nigeria, merging the strengths of a global workspace leader and a leading hospitality brand to create environments that foster productivity and growth.

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Paymenex Introduces OneCard Africa, Simplifying Payments Across the Continent

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In a significant step to enhance ease of payment across Africa, fintech network Paymenex has launched OneCard Africa—a digital payment card designed to streamline cross-border transactions for individuals and businesses alike. Unveiling the card in Abuja, CEO Dr. Kingsley Chibuzor Aguoru highlighted OneCard’s broad acceptance in African countries and its ability to operate in all African currencies, eliminating the hassle of currency conversions within the African Continental Free Trade Area (AfCFTA).

OneCard Africa is available as a debit, prepaid, and credit card, allowing users with or without existing bank accounts to access its features. With a focus on flexibility, OneCard offers multiple payment options, including mobile, QR code, email, SMS, and social media, with strong customer authentication for secure transactions.
The card has already proven effective in Cameroon, where it was piloted for contactless toll payments in collaboration with the Ministry of Finance and Cameroon Postal Services.

Dr. Aguoru emphasized OneCard’s support for African businesses, which can accept payments through various platforms such as mobile apps, websites, and in-store points of sale.
Users also earn reward points with each transaction, encouraging consumer loyalty. Uniquely designed for African currencies, OneCard avoids costly currency conversions typically associated with international digital cards, reducing transaction costs and promoting financial inclusion.

Since its founding in 2007, Paymenex has focused on building affordable, alternative payment networks suited to emerging markets.
With OneCard Africa, Paymenex aims to create a strong financial ecosystem that empowers Africans to navigate seamless cross-border payments without the constraints of traditional networks.

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Nigeria’s financial markets receive boost with $900m Dollar Bond Sale

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The Nigeria’s financial markets have received boost after the Federal Government of Nigeria successfully launched its first domestic dollar-denominated bond, raising over $900 million and marking a significant milestone in the country’s financial strategy.

This groundbreaking bond sale, led by the Africa Finance Corporation (AFC), has generated significant interest from local and international investors, demonstrating confidence in President Bola Ahmed Tinubu’s economic policies and development plans.

A statement by Mohammed Manga, Director of Information and Public Relations explained that the success of the bond sale has bolstered Nigeria’s economic resilience and consolidated its position as a leader in Africa’s financial markets as it has set a new precedent for other African nations.
The statement highlighted the achievement to have signaled a new chapter in Nigeria’s financial strategy, aimed at boosting economic resilience and fostering long-term growth.

This landmark bond sale the statement indicated, has the potential for innovative financial solutions to drive economic growth and development in Africa.

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