The National President, Association of Mobile Money and Bank Agents of Nigeria, Victor Olojo, has said that PoS operators would protest against the policy which he said was targeted at killing their livelihood and that that the cash limit would harm their business as it translated to shutting down PoS terminals.
Meanwhile, the South-South Agenda for Tinubu/Shettima Support Groups has condemned the CBN policy in strong terms, describing it as a plot to pitch the poor masses against the President.
the National Coordinator of the group Bitrus Oliver, argued that Nigeria is one of the top three unbanked countries in the world with more than 60million of its adult population still unbanked.
The group stated, that the policy will clearly undermine the efforts of the Federal Government in sustaining micro and small scale enterprises across the country as it will limit the fund in circulation due to the non-availability of cash may totally eliminate and destroy small and struggling businesses before the policy is stabilized.
They further said when people find it difficult to withdraw enough money they need from the bank and are repeatedly unable to complete transactions due to lack of funds, there may be public outrage and a massive backlash on the president for allowing the policy and that the new withdrawal policy will be able to put money politics in check within the (election) period,and it also has the capacity to wreck many local economies across the country due to the paucity of cash it will create.
