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CBN bans PoS operators from Abuja and Lagos

Cash swap: CBN bars Abuja and Lagos PoS operators

Cell cash brokers/factors of sale in Abuja and Lagos have been excluded from the lately launched money change program by the Central Financial institution of Niger.

CBN has outlined some tips for the money change program in a Incessantly Requested Questions doc.

This comes forward of the January 31 deadline set by CBN for the phasing out of the previous N1,000, N500 and N200 notes.

Solely 5 banks had been allowed to take part within the money swap program. These are: Entry Financial institution Plc, Zenith Financial institution Plc, United Financial institution for Africa Plc, First Financial institution of Nigeria Restricted and First Metropolis Monument Financial institution.

He learn;

“Not all brokers can take part. That is open solely to chose brokers profiled by the tremendous agent/MMO/financial institution and submitted to the Central Financial institution of Nigeria and collaborating banks (Entry, Zenith, UBA, First, FCMB).

“Chosen Brokers from all 36 States (Excluding Lagos State and FCT, Abuja). Officers from Lagos and Abuja are excluded.

PoS brokers usually are not allowed to make use of the brand new tickets for his or her common transactions. Warning to this impact, the CBN mentioned;

“There shall be extreme penalties reminiscent of debarment as an agent, suspension of any relevant advantages, debarment from future applications, damaging report back to the financial institution and CBN and different penalties as prescribed by the regulatory authorities.”

Every agent’s identify, BVN quantity, and operator identify are required earlier than new scores are launched. The doc added that the financial institution would additionally confirm the officer’s picture and fingerprints.

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