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AMMBAN Warn Members Against Buying and Selling of Naira

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CEM REPORT, FINANCE | The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has warned its members against unwholesome practices that some POS agents have indulged in amidst the current currency crisis in the country.

In a statement issued by the Lagos Chapter of the Association and signed by the its Chairman, Pastor David Abiodun, AMMBAN categorically dissociates itself from members involved in such act while strongly warning them to desist from any such act citing the implication.

The statement reads: “This is to notify the general public that the Association of Mobile Money And Bank Agents In Nigeria (AMMBAN) dissociates itself from POS operators “buying and selling” the naira. We are also sending a strong warning to members to please desist from any act that may land them in trouble and disrepute.


“Please note that CBN officials in conjunction with EFCC, and DSS are out to fish out culprits. Anyone caught will be disowned by AMMBAN and will be left to face the penalty.

“AMMBAN as an association frown at the act of buying and selling of the naira.

“To be forewarned is to be forearmed!!!”

POS agents have been major partakers in the ongoing cash crunch that hit the country recently following the Naira redesign policy of the Central Bank of Nigeria. In the face of dysfunctional banks’ ATM and across the counter services, POS became the only source of cash to the public. Consequent of the scarcity of cash and the strong quest to get cash, some POS agents raised their charges to as high as 30%.

In a recent chat with CEM, Pastor Abiodun condemned the illicit act by the POS agents. He said; “AMMBAN condemn in totality the act of collecting higher charges above the approved rate which are N100 for N5,000 and below and N200 for above N5,000

“I must state categorically that majority of those agents that are collecting exorbitant charges are not members of AMMBAN. We have been able to caution our members regardless of the scarcity of the new notes and the entire situation.

“The challenge is that there are many bank agents that does not recognize AMMBAN. But we are taking steps to ensure that its either they join AMMBAN or you don’t practice in the mobile money market. I encourage the public to ensure they patronize only AMMBAN registered members”; Pastor Abiodun Said. [Read details]

Yesterday, Director, of CBN Risk Management department, Blaise Ijebor, said that the Central Bank is aware of the indiscriminate practice of POS agents charging customers up to 30 percent before giving them money, that the apex bank is going around with the Economic Financial Crimes Commission (EFCC). Any PoS agent found culpable will have his or her license withdrawn. [Read details.]

For more information on AMMBAN, contact Pastor Abiodun on 0803 715 8535

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