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Saturday, February 4, 2023

CBN to de-list PoS agents, excludes GTBank, Stanbic from Cash Swap programme –

Guaranty Trust Bank (GTBank), Stanbic IBTC and others have been excluded from the cash swap scheme by the Central Bank of Nigeria (CBN).

Ripples Nigeria has reported that the Central Bank has launched a cash swap program in partnership with Depository Banks (DMBs), Super Agents, Mobile Money Operators (MMOs) and PoS Agents to increase the issuance of new naira notes in rural and underserved areas and circulation areas.

Among some 11 commercial banks in the country, the central bank has selected United Bank of Africa (UBA), Zenith Bank, First City Monument Bank (FCMB), First Bank of Nigeria (FBN) Holdings and visit bank Facilitates the handover of redesigned cash to PoS agents.

This was revealed in an FAQ circular outlining the guidelines and sanctions for the cash swap scheme handed over to some agents.

Additionally, some agents will not be allowed to participate in the cash swap scheme, the financial watchdog said, excluding agents in Lagos and the country’s capital, Abuja.

Also read:CBN tells Nigerians to reject banks’ old naira notes

“Not all agents may participate. This is only open to selected agents whose profiles are provided by Super Agents/MMOs/Banks and submitted to Central Bank of Nigeria and Participating Banks (Access, Zenith, UBA, First, FCMB),” the document reads road.

The Central Bank added, “Selected agents in all 36 states (Lagos State and FCT, except Abuja). Lagos and Abuja agents are excluded.”

According to the apex bank, any agent using the new naira obtained from the respective banks will be sanctioned, apart from handing it over to customers in exchange for old cash.

Agents who err are understood to be delisted, barred from future central bank schemes and face other penalties.

“Will be subject to severe sanctions such as removal as agent, withholding of any applicable benefits, removal from future schemes, negative reports to banks and CBN and other such penalties as directed by the regulator,” Cubic boron nitride wrote.

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