“Nigeria wants to stop POS business.”
Those were the words of Kemi, a roadside cash agent (aka POS agent or business) who was airing her reactions to CBN’s new cash withdrawal limits that went into effect on January 9. For context, CBN introduced new weekly limits on Cash withdrawals (Individuals: ₦500,000, Corporates: ₦5,000,000).
Key takeaways:
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If Nigeria wants to go cashless, it will need agents to do the groundwork.
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Standalone agents (those without a primary business) would feel the pinch of the new withdrawal limits more than those with an existing cash-generating business.
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Incentivising more businesses to become formally registered businesses may be a silver lining for the new cash withdrawal policy.
It’s easy to sympathise with Kemi and the many like her.
Over the past five years, selling cash has become a livelihood for the more than 1.4 million agents scattered across Nigeria.
