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As part of efforts to facilitate the circulation of its new naira notes, the CBN has launched a cash swap programme across local government areas in Nigeria.
The apex bank made this known in a circular addressed to all DMBs, mobile money operators (MMOs), super agents and agents.
(1) The apex bank said the cash swap programme is in partnership with super agents and deposit money banks (DMBs) at different parts of the country. Super agents refer to companies licensed by the CBN to recruit for the purpose of agency banking.
(2) Meanwhile, the apex bank said, “The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as a cash-in deposit into wallets or bank accounts in line with the cashless policy.
With the circular, super agents, banks and MMOs operating in rural areas are expected to swap up to N10,000 per person while amounts above N10,000 are to be treated as deposits.
(3) BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.
“To promote financial inclusion, this service is also available to anybody without a bank account. Agents may, on request, instantly open a wallet or account, leveraging the CBN Tiered KYC Framework. This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost,” the bank said.
(4) The swap, is effective from Monday, January 23, 2022, is expected to enhance the availability of the new notes and ensure people don’t loose their money as a result of the policy.
(5) “the agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.
(6) “Agents shall render weekly returns to their designated banks regarding the cash swap transactions.
MBs shall in tum render same to the CBN on a weekly basis. Principals (Super Agents, MMOs, DMBs) shall be held accountable for their agents’ adherence to the above guidelines.
(7) Agents can only get up to N500,000 new notes weekly for the programme and are expected to record all transactions performed with the new notes and submit the record to the operator (super agent/MMO/bank).
(8) Regarding what happens if an agent uses the new notes for other purposes other than the new naira initiative, the document noted, “There will be severe sanctions such as de-listing as an agent, withhold of any applicable benefit, de-list from future programmes, negative report to bank & CBN and other such penalties as directed by regulatory authorities.”
(9) The CBN also directed agents to sensitise customers to opening wallets/bank accounts and the various channels for conducting electronic transactions.
(10) Cash Swap agents will be readily identifiable in all local governments, particularly those in rural areas.
The CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”
(11) The five banks selected to participate in the programme include First Bank of Nigeria Limited, Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, and First City Monument Bank.
(12) Not all agents can participate. This is open to only selected agents profiled by the super agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).”
