Ghost of 2022 cashless policy haunts PoS operators

The Central Bank of Nigeria’s (CBN) new agent banking transactions policy signals a repetition of its 2022 cashless and withdrawal policy, which caused widespread cash scarcity and disrupted economic activities in early 2023. The 2022 policy, aimed at reducing currency in circulation and promoting electronic payments, made Point of Sale (PoS) agents pivotal as they bridged the cash gap left by banks and ATMs. Under the policy, daily ATM and PoS withdrawals were capped at N20,000 per individual, pushing customers toward internet banking, mobi