Over 50 percent of point‑of‑sale operators have closed their shops as the scarcity of both new and old naira notes intensifies, according to Hussein Olanrewaju, National Chief Aggregating Officer of the Association of Mobile Money and Bank Agents in Nigeria. Speaking on Monday, Olanrewaju said the ongoing shortage has worsened the plight of their members. He argued that agents should receive preferential access to the new notes, but lamented that some Nigerians are exploiting the situation by charging unreasonable fees.
“Operators are licensed bodies that provide platforms which agents leverage,” Olanrewaju explained. “Currently, agents do not have any preferential treatment to deliver this service, hence more than 50 percent of agent shops have been closed down as we speak.” He added that some agents go to extremes to obtain cash, while others must move from one ATM to another, incurring high costs that are reflected in service charges. “It’s worth noting that some Nigerians have taken advantage of this situation to impose unreasonable charges,” he said.
Olanrewaju also warned that the policy designed to swap cash in unbanked areas may fail to meet its mandate because too few agents have been selected for the scheme. Of over 1.4 million agents, only 30 000 were chosen to participate in the cash‑swap programme, a number he described as “too small to effect any change.” He emphasized that expanding the pool of participating agents is the best solution to easing the financial stress Nigerians are currently facing. “Agents are the ones available and accessible to alleviate this stress,” he concluded.
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