The Central Bank of Nigeria’s recently introduced cash swap scheme has been discontinued for mobile money/Point of Sale agents in Abuja and Lagos.
In a document titled “Frequently Asked Questions,” CBN provided certain parameters for the cash swap scheme.
This occurs before the CBN’s deadline of January 31 for the phase-out of the old N1,000, N500, and N200 notes.
For the cash swap program, only five institutions have received approval. They include First Bank of Nigeria Limited, Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and First City Monument Bank.
Not all agents could participate, it said. Only selected agents who have been profiled by the super agent, MMO, and bank and submitted to the Central Bank of Nigeria and participating banks are eligible for this (Access, Zenith, UBA, First, FCMB).
chosen agents in each of the 36 states (except Lagos state and FCT, Abuja). Agents in Lagos and Abuja are not included in this.
The new notes cannot be used for typical PoS agent transactions. The CBN issued a warning to that effect, saying:
There will be harsh penalties, such as being removed from the agent list, having benefits withheld, being removed from future programs, being reported negatively to the bank and CBN, and other such punishments as ordered by regulatory authorities.
Before the new notes are released, each agent’s name, BVN number, and operator’s name are necessary. The document also stated that the bank will check the agent’s fingerprints and photographs.