AMMBAN (Association of Mobile Money and Bank Agents of Nigeria) wish to inform the general public that Agency Banking rides on the Financial inclusion policy introduced by the CBN in 2014.
It is also noteworthy to state here that the Agency Banking lies at the last mile of the cadre. In the cadre lie the Banks, MFBs, MMO and the Agency Banking thereby making it impossible for them to dictate to the commercial and other banks as they are all given operational guidelines by the Central Bank of Nigeria (CBN)
The Association speaking through the National President Mr. Sarafadeen Fasasi in a Press Statement to debunk claims that they connived with Bank to unleash hardship on the populace through man-made cash scarcity is not a statement of fact.
The National President highlighted that Point of Sale (POS) agents too as Grassroot Banks suffer the same fate of being restricted to the amount of cash they can pick up from the banks and also sometimes via Automated Teller Machines (ATM) these agents are left to source funds by offering deposit services to willing Customers thereby having access to physical cash to service the unbanked.
The National President went on to state that Agency Bankers are responsible Nigerians who strive to make integrity their watchword and would not engage in selling nor buying the Nigerian Naira
Adding that a POS operator is in charge of what we refer to as the Grassroot Banks and would not be seen hanging around the bank premises, those engaging in such nefarious acts are not bonafide AMMBAN members but hawkers which AMMBAN as a body frowns against and which decisive action is being initiated against.
The National President Sarafadeen Fasasi said customers have been severally warned against patronizing hawkers or people using umbrellas to operate their POS business for want of being defrauded.
He went on to emphasize that the CBN guidelines for Agency Banking and Financial inclusion are clear and concise stating that the grassroot Banking should be carried out in a ‘Brick and Mortar’ structure not through hawking or under umbrellas to avoid fraudulent and unscrupulous elements who brand themselves as POS Agents.
AMMBAN has also advised that before patronizing an agent the customer should ask for the Agents AMMBAN ID Card and Certificate of Operation.
Speaking to the SA to the AMMBAN National President on Media and Partnerships Mr. Stephen Adeoye who kicked against patronizing quacks said ” it is also necessary that you ensure you collect your ticket and make sure your transaction is properly logged.”
In his words the Lagos State Chairman of Ammban Oluwagunwa Ibirogba said “Agency banking services became more pronounced because of the inadequacies of ATM machines and the need for customers to have access to immediate cash without having to go through the rigours of queuing and inhumane exposure to the harsh sun and other unpalatable stress.”
Going further to state that in line with the Association rules and regulations which are tailored on the financial inclusion guidelines, a duly registered AMMBAN POS Agent would not engage in buying cash or conniving with the Bank Staff to stifle ATM operations
On her part the Lagos State AMMBAN PRO – elect Kumbi Lawson said any agent saying they buy money from the banks is an illegal agent, those are the bad eggs AMMBAN is talking about and such terminal handlers should be made to face the wrath of the Law.
She condemned the recent call for an emergency made by a prominent Nigerian Actress (Name withheld) too is totally uncalled for as the body is aware of these miscreants who are trying to sabotage the reputation of AMMBAN and its registered agents.
However, she disclosed that AMMBAN now has a task force working closely with the security operatives with the Nigeria Police, NSCDC and other Security agencies in the Country.
Also the Association is also working closely with the regulatory body, the CBN to ensure the essential checks and balances are in place. There is also a help desk where complaints can be laid
AMMBAN is advising that the Bank Management/s to ensure that the ATMs function properly to resolve the challenges while the Regulatory body too should look into the issue.
AMMBAN as a body considers it highly unfair for anyone or institution alike to point accusing fingers at the Grassroot bankers generally referred to as ‘POS agents’ for the woes of cash inadequacies