The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has called on the Central Bank of Nigeria (CBN) to ease the implementation of the recent regulatory directives, pointing out that stringent polices pose challenges to their operations.
Acting National President of the association, Dr Obioha Oti, made the call during the opening ceremony of the national conference and 10th anniversary celebration of the association held at the International Conference Centre, Gombe, Gombe State, on Thursday.
He said the appeal followed new rules on agent registration, transaction monitoring, and geotagging of POS terminals, noting that the new policies have created transitional challenges for operators and service providers.
“We recognise that effective supervision is essential for building trust and long-term sustainability in the financial inclusion ecosystem. Yet, we also acknowledge that the industry is still adjusting to the pace and scope of these new compliance requirements, especially for small operators whose capacity and resources are still growing”, he noted.
He therefore appealed to CBN for stakeholder dialogue and flexible implementation frameworks that reflect on-ground realities.
“The goal is to share a safe, inclusive and vibrant financial system, but the path must also be practical and sustainable”, he said.
The president highlighted the contribution of agency banking in making banking services more accessible to Nigerians and closer to the people, thereby addressing the long queues in banks and the need for rural dwellers to travel extensively.
“Today, millions of Nigerians rely on agents for cash-in, cash-out, transfers and digital payments. AMMBAN members have become trusted partners in communities, connecting homes, markets and livelihoods to the formal financial system”, he stated.
The chairman of the conference committee, Yusuf Adeyemo, explained that the event, themed “A Decade of Impact: Advancing Agency Banking for Inclusive and Secure Financial Services,” brought together industry leaders, government officials, and stakeholders to chart a roadmap for Nigeria’s financial growth.
He said the conference would discuss digital economy strategies and financial inclusion and explore the role of agency banking in Nigeria’s economic goals.
Adeyemo tasked mobile money and bank agents not to relent in bridging the financial inclusion gap and extending the benefits of formal financial services to every Nigerian, regardless of location or status.
This is even as he unveiled the association’s goal to contribute at least $ 3 trillion to Nigeria’s economy as part of their future roadmap.
In his remarks, Ezekiel Sanni, a senior vice president at Moniepoint, one of the conference’s sponsors, lauded the CBN for introducing the idea of making banking services more accessible to Nigerians through mobile money and agency banking.
He revealed that Moniepoint had, at present, over 15 million account holders in the country that include personal and business accounts, adding that they have their agents in all the 774 local governments in Nigeria to provide services closer to the people at the grassroots.
