The Association of Mobile Money and Bank Agents (AMMBAN) in Edo State have announced that they plan to inaugurate a Special Taskforce to put an end to Point of Sale (POS) services hawking and trading in the streets. This announcement was made during the association’s annual conference in Benin City by the Chairman of the association, Mr. Osaro Ekhator.
Mr. Ekhator expressed concern over the proliferation of POS agents in the state without a known address. He also noted that the Central Bank of Nigeria’s (CBN) naira redesign and the implementation of the cashless policy in 2022 has had a direct impact on agency banking.
He further stated that as an industry, they must be resilient and innovative in the face of these challenges, and technology can play a significant role in addressing them. According to him, they have seen how technology has transformed the banking industry, making it more accessible and cost-effective. They believe that the same can happen for agency banking, and they will explore how technology can be harnessed to address the challenges facing their agents.
The conference had as its theme “The Impact of Cash Crunch on Agency Banking in Nigeria: The Role of Innovation & Technology”. The representatives of the police and Economic Financial Crimes Commission at the event admonished operators always to observe high ethical standards in dealing with customers, emphasizing the need for transparency and accuracy in financial transactions.
The proposed Special Taskforce is expected to work with the security agencies to monitor and regulate the activities of POS agents, including the elimination of unauthorized agents operating from unapproved locations. The establishment of this Taskforce is seen as a significant step towards promoting financial inclusion and enhancing the transparency of the agency banking system.
This move aligns with CBN’s initiative to drive financial inclusion to 80% by 2020 by removing obstacles inhibiting public access to finance and promoting the availability and usage of affordable financial products and services to all.
The establishment of the Taskforce is expected to enhance the regulation of the agency banking and mobile money industry in Nigeria and promote consumer confidence in financial transactions and the operators involved.
Stakeholders in the industry have also welcomed the development and called for a swift implementation of policies to drive financial inclusion in Nigeria by creating an enabling environment for the agency banking sector to thrive. The industry, on its part, has pledged its support to this initiative, stating that it will continue to uphold high standards of professionalism, transparency, and ethical conduct in all its operations.
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