AMMBAN Decries Indiscriminate Issuance of PoS Terminals by Banks in Nigeria

The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has condemned what it described as indiscriminate issuance of Point of Sales (PoS) machines to individuals by banks without due diligence. 

The association, which frowned at such practice, described it as an abuse of the agent banking framework put in place by the Central Bank of Nigeria (CBN).

Speaking at a press briefing in Lagos recently, the National President of AMMBAN, Victor Olojo, said the situation would continue to fuel unprofessional conducts and fraudulent practices in the ecosystem, if not checked.

“What we are seeing now is something close to an abuse, a clear violation of what the framework issued out by the CBN. Part of the framework of the CBN is that a mobile money or bank agent should be in a brick and mortar location, like an address that is traceable. But what we have today are agents on the umbrellas, and under trees.

“There are traces that scrupulous or unscrupulous individuals now have access to PoS terminals. And that’s why from time to time we have continued to raise our voices to see the need for more coordination among the  players in the framework of mobile money and agency banking in Nigeria,” Olojo said. 

He explained that there was a need for all players and all stakeholders to come together to address the issue. According to him, AMMBAN, internally, has launched its monitoring and evaluating units, which is a task force to ensure that mobile money and bank agents registered under the association.

National PRO of the association,  Mr. Oluwasegun Elegbede, said the critical activities of mobile money and bank agents in Nigeria had in no small measure contributed to the enviable achievements being witnessed by the country in the financial Inclusion drive.

While noting that mobile money and agent banking are deliberate innovations of the government, he said the creation was borne out of the goal of ensuring all Nigerians of bankable age are financially included. 

“Financial inclusion refers to the provision of critical financial services to the financially excluded population of the country. This basically gives room for prosperity to spread evenly by giving the excluded population a safe place to save, receive money for goods and services supplied and build credible financial records which makes access to soft loans easier,” Elegbede said. 

He however explained that there were worrying realities in the system, which necessitated AMMBAN’s consistent calls for effective enforcement of the guidelines in the industry through the licensed operators. “There is a need for proper supervision of entry and conduct of activities of all players in the value chain,” he added.

According to him, one of the resolutions that came out of AMMBAN’s 5th Annual National Conference held in Abuja last year was to begin to self-regulate using our task force.

“We believe the gains so far made in the drive to deepening financial Inclusion in the country must not be allowed to be rubbished. AMMBAN is always ready to partner with all well-meaning stakeholders in consolidating on the giant strides so far made. We believe there is a lot more to achieve even as we are bold to say that we are better than yesterday,” Elegbede said.

SOURCE: Thisday