The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has strongly opposed a recent directive from the Corporate Affairs Commission (CAC) that all Point of Sale (POS) agents must register with the commission, regardless of their individual or non-individual status. In a statement by the association’s National General Secretary, Oluwasegun Elegbede, they argued that the directive was unnecessary, contradictory to existing laws, and seen as a revenue generation tactic rather than a genuine effort to combat crimes in the agency banking sector.
AMMBAN cited sections of the Companies and Allied Matters Act (CAMA) to support their stance, emphasizing that individuals and non-individuals have different legal statuses and requirements. They pointed out that the Central Bank of Nigeria’s (CBN) policy on financial inclusion recognizes this distinction and does not mandate individual registration with the CAC.
Elegbede highlighted the association’s ongoing efforts to address crimes within their business space, including the establishment of a joint task force with security agencies across the country. He expressed concern over the CAC’s threat to deploy the police against non-compliant agents and stated that AMMBAN would seek legal clarification on the matter.
The association also responded to allegations made by the Economic and Financial Crimes Commission (EFCC) regarding collusion between POS agents and bank staff to hoard or trade cash. They refuted these claims, emphasizing their role in facilitating financial transactions and supporting financial inclusion.
Regarding the issue of cash scarcity, Elegbede denied that POS agents were solely responsible, stating that they face similar challenges in accessing cash from banks. He called for the categorization of agents into different tiers by the CBN to address cash scarcity and promote financial inclusion.
AMMBAN also criticized the CBN’s policy limiting multiple accounts/wallets to two, arguing that it undermines financial inclusion efforts. They urged the CBN to reconsider this policy and engage with stakeholders to find a solution that supports economic growth.
In conclusion, AMMBAN called for collaboration among stakeholders to promote financial inclusion and economic growth, cautioning against actions that could undermine progress in this area. They emphasized the importance of considering the impact of policies and statements on the broader goal of financial inclusion.
SaharaReporters