We Will Raise Cash Withdrawal limit, Rural Areas Are Covered- Emefiele

The Governor of Central Bank of Nigeria (CBN) Godwin Emefiele has assured that the apex bank will look into the calls by Nigerians and the National Assembly for a raise in the over-the-counter withdrawal limit it sets to implement on January 9.

 

Newsonline reports that Dr. Emefiele said rural areas of the country are also covered, stating that there over 1.4 million super agents in all villages of the country to ensure financial inclusion.

 

The CBN governor stated this in an address to journalists, in Daura, Katsina State, while on a visit to the president, Muhammadu Buhari.

 

Speaking on plans of the apex bank to ensure that no Nigerian is left behind in the bank’s drive for a cashless economy, Emefiele said, “We heard people talk about some of the people in the rural areas and the truth is that even online banking, as I was coming out to Daura, I saw a kiosk that had a super agent today. It’s because of the way we felt that there was a need for us to deepen the payment system infrastructure. We have 1.4 million super agents that are all over different parts of the country, all local governments, and all villages in this country.”

 

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He added, “and I have told my colleagues, some of their names are already on the CBN website and we will publish all the names of all the super agents. And super agents are different from the banks and microfinance banks, which is different from other financial institutions. Having 1.4 million of them is as good as having 1.4 million banking points where people can conduct services.”

 

On the complaint raised by the senate on timing and the withdrawal limit, Emefiele explained, “We will be reviewing from time to time, how this is working because I cannot say that we are going to be rigid. But it is not to say that we will reverse it, it is not to say that we will change the timing, but whether it is about tweaking some amount to be a little bit higher or a little bit lower, and all the rest of them.”

 

He further said, “We will do so because we are humans, we want to make sure that we are making life good for our people. We do not want to make life difficult for them. So, there is no need for anybody to worry. The CBN is monitoring what is happening and I can assure everyone that we are up and alive to our responsibilities and we will do what is right for Nigeria and Nigerians.”

 

The CBN governor added that the journey toward cashless economy for the country started in 2012. He, however, said most times the apex bank takes into consideration the effects of its policies on the citizens.

 

Emefiele added that the new cash withdrawal policy is not targeted at politicians. He added that as the biggest economy in Africa, Nigeria ought to leapfrog the drive for a cashless economy.