Godwin Emefiele, the governor of the Central Bank of Nigeria, CBN, claimed on Thursday that the nation’s 1.4 million super agents—mobile banking providers that also include point-of-sale (POS) agents—are available for Nigerians to use in conducting business.
Emefiele emphasized that the monetary policy of the top bank would serve the interests of the national economy and not harm the people when he made this statement.
After their private meeting in Daura, Katsina State, the governor of the Central Bank of Nigeria (CBN) revealed this to reporters at the State House.
Since the introduction of the cash withdrawal limits, Emefiele claimed, the CBN has received and taken note of comments from the Senate, industry experts, stakeholders, and Nigerians.
Recall that the CBN had announced a revised cash withdrawal restriction on Tuesday, with a weekly cap of N100,000 for individuals and N500,000 for corporate organisations.
The Senate, however, questioned the bank on the grounds of timing, claiming that it might make the already precarious economic situation worse.
Operators of mobile banking
With addition to commercial banks and microfinance banks, he said that there are 1.4 million mobile banking stores, allowing Nigerians to conduct business without constantly dealing in cash.
We have 1.4 million super agents spread across all local governments, all villages, and different regions of the nation, Emefiele added.
“And I’ve instructed my coworkers that we’ll disclose the names of all the super agents; some of their names are already on the CBN website.
“And having a super agent, which is distinct from banks, microfinance banks, and other financial institutions.
“Having 1.4 million of them is equivalent to having 1.4 million locations where customers can make financial transactions.
“We believe that Nigeria, a sizable nation with the largest economy in Africa, needs to go quickly toward a cashless society.
“We cannot keep allowing the situation where more than 85% of the money in circulation comes from sources other than banks. Countries that are embracing digitalization are going cashless in increasing numbers.
“I cannot promise that we will be rigid, therefore we will periodically examine how this is going.
“However, that is not to imply that we will reverse, that we will modify the date, but rather whether it is about fooling some amount to be a little bit higher or lower, and all the rest of them,” the author said.
No reversing the cashless policy
The apex bank, according to Emefiele, won’t abandon its cashless policy and will always provide assistance to prevent harm to Nigerians.
“Since we are only human, we will act in such a way as to ensure the welfare of our population.
“We don’t want to make their lives tough. Therefore, there is no need for anyone to be concerned since the central bank is keeping an eye on what is occurring. I can also tell everyone that we are aware of our obligations and will act in Nigeria’s and Nigerians’ best interests.
“We don’t want to make their lives tough. Therefore, there is no need for anyone to be concerned since the central bank is keeping an eye on what is occurring, and I can tell everyone that we are aware of our obligations and will act in Nigeria’s and Nigerians’ best interests.
“I can only reassure you that it will turn around; please keep calm. Fortunately, the old currency was still valid until January 31, 2023.
Consequently, both the painted (new notes) and the unpainted (old notes) will function simultaneously as legal money.
However, he continued, “after January 31, the unpainted one will no longer be beneficial to you, so please take it to your bank as soon as possible.”
Senate criticism, support for Buhari
The Governor of the CBN claimed that the President had supported him, adding, “We should keep on with our work, no need to fear, no need to worry about anyone.”
We can only keep pleading with Nigerians to accept this approach as we have laid it out, Emefiele stated.
He responded to the criticism from the Senate by saying, “Well, the National Assembly of the Federal Republic is the Senate.
They are the government’s legislative branch, and we occasionally inform them on current events and our policies. I am aware that they have requested certain briefings, and we will provide them.
But I think it’s crucial for me to state that the cashless policy started in 2012,” Emefiele said while discussing the beginning of the cashless system ten years ago.
But on nearly three or four instances, we had to abandon the plan because we thought that we needed to get ready and strengthen the infrastructure of Nigeria’s payment system.
“We believe that many electronic channels have been put in place between 2012 and 2022, or about 10 years, that would help consumers perform banking and financial service transactions in Nigeria.
As I was leaving for Daura, I noticed a kiosk with a super agent today. “We heard about people talking about some of the folks in the remote areas, but the truth is that even online banking is available to them.
“It’s because of how we felt that we needed to strengthen the payment system infrastructure,” the author says.
