The Association of Mobile Money and Bank Agents (AMMBAN) in Edo State have said that plans are underway to inaugurate a Special Taskforce to put an end to Point of Sale (POS) services hawking/trading in streets.
Chairman of the association, Mr. Osaro Ekhator, who disclosed this during the group’s annual conference in Benin City, expressed concern over the proliferation of POS agents in the state without a known address.
Ekhator said the Central Bank of Nigeria’s (CBN) naira redesign and the implementation of the cashless policy in 2022 has had a direct impact on agency banking.
He said: “As an industry, we must be resilient and innovative in the face of these challenges – this is where technology comes in.
“We have seen how technology has transformed the banking industry, making it more accessible, and cost-effective. We believe that the same can be done for agency banking.
“Therefore, we will explore how technology can be harnessed to address the challenges facing our agents”, Ekhator stated.
The conference had as its theme: “The Impact of Cash Crunch on Agency Banking in Nigeria: The Role of Innovation & Technology”.
Representatives of the police and Economic Financial Crimes Commission admonished operators to at all times observe high ethical standards in dealing with customers.
