BREAKING: Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) Faults CBN On 60-day Deadline

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has expressed concern over the Central Bank of Nigeria’s (CBN ) 60-day deadline for the mandatory geo-tagging of Point of Sale (PoS) and other payment terminals in the country.

Speaking on a Channels TV business programme, on Thursday, the Acting National President of AMMBAN, Dr. Obioha Oti, said that while the association fully supports and had foreknowledge of the apex bank’s plan to ensure that all existing payment terminals in the country are geo-tagged, the 60-day deadline set for the exercise was too short to allow for its effective implementation.

He cited the large number of PoS terminals in the market which, according to him, do not meet the CBN’s new standards as well as the limited capacity of many Mobile Money Operators (MMOs), as some of the factors that may hinder the implementation of the directive.

He disclosed that while about 50 per cent of the estimated 10 million PoS terminals in the market, are active, a significant number of them do not meet the new standards and would either have to be withdrawn or upgraded.

According to him, the process of withdrawing or upgrading such terminals within the 60-day window might cause severe disruption to the financial system especially as the effects of the naira redesign crisis have not worn off.

Dr Oti said: “We, as the players at the grassroots, welcome the directive. It will help to reduce fraud, kidnapping and other criminal activities. The challenge might be with the implementation; I have a problem with the 60-day window. We all remember what happened during the implementation of the naira redesign programme.”