Mobile money/Point of Sale agents in Abuja and Lagos are not included in the Central Bank of Nigeria’s recently introduced cash swap program.
The change occurred as the January 31 deadline for the phase-out of the old N1,000, N500, and N200 notes approaches.
The CBN offered certain parameters for the cash swap scheme in a frequently asked questions paper distributed to chosen agents according to reports.
Only five banks have been given the go-ahead to participate in the initiative, claims the paper. They include Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, and First City Monument Bank.
It reads, “Not all agents can participate. This is open to only selected agents profiled by the super agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).”
Regarding the numbers of states selected, “Selected agents in all the 36 states (except Lagos state and FCT, Abuja). Lagos and Abuja agents are excluded from this.”
On where the agents can get the new notes, “from one of these designated banks (Zenith, First Bank, Access, UBA, FCMB). However, you must have a bank account with that bank and your operators (super agent/MMO/bank) will have pre-registered you with the bank where you have an account.”
It states further, “you must go to the bank you have informed operator (super agent/MMO/bank) of. That is where your agent details will be submitted to for verification when you get there to collect the new notes.”
Before the new notes are released, each agent’s name, BVN number, and operator’s name are also needed.
The paper also stated that the bank will check the agent’s fingerprints and photo.
The letter also stated that an agent is required to keep a record of the customer’s Know-Your-Customer information, which includes name, phone number, bank, account number, and amount.
It was also observed that even though there is no cap on the amount a consumer can deposit, only N10,000 can be issued per customer through the cash swap scheme.
Additionally, the CBN asked the agents to open a wallet or bank account for clients who had accounts.
An agent can only get up to N500,000 in new notes each week for the program, according to reports.
Additionally, each agent is required to keep a record of every transaction they carry out using the new notes and transmit it to the operator (super agent/MMO/bank).
The memo said the following regarding what happens if an agent utilizes the new notes for purposes other than the new naira initiative: “There will be severe sanctions such as de-listing as an agent, withhold of any applicable benefit, de-list from future programmes, negative report to bank & CBN and other such penalties as directed by regulatory authorities.”
