Lagos and Abuja PoS operators are not included as CBN’s list five banks for cash swap program

About five money deposit banks have been selected by the Central Bank of Nigeria (CBN) to take part in its cash swap initiative.

The change occurs as the deadline for the old N200, N500, and N1,000 notes to cease being legal money draws near.

The details were provided in a FAQ paper that the CBN published on Monday, January 23, 2023, which also described the cash swap program’s process.

Zenith Bank, Access Bank, First City Monument Bank, First Bank, and United Bank for Africa are the banks selected for the campaign.

Additionally, CBN prohibited PoS providers in Lagos and Abuja from taking part in the initiative.

Not all agents are allowed to participate, according to the CBN’s order, which states that this is only open to chosen agents who have been profiled by super agents or Mobile Money Operators (MMO), banks, and given to the CBN and participating banks.

The initiative is open to selected agents in all Nigerian states, with the exception of Lagos and Abuja, according to the bank. It was discovered that PoS operators are only permitted to use the new notes for the scheme and cannot use them for any other operations.

Agents can get the new notes from the chosen banks, according to the paper, but they must have accounts with the banks and their super agents must have pre-registered the new notes.

Agents can receive the new notes from the chosen banks, according to the paper, but they must have accounts with the banks and their super agents must have pre-registered the operator with the bank where they have accounts, according to The Punch.

Conditions for participating agents Before the new notes are released, each agent’s name, bank verification number (BVN), and operator’s name are required; also, the bank should confirm each agent’s photograph and fingerprints.

The operator’s KYC requirements, which include name, phone number, bank, account number, and amount, must also be met by the agents.

According to the document, there is no cap on the amount that a customer can deposit, but the cash swap system only permits N10,000 in withdrawals per customer. For clients who already have bank accounts, the apex bank instructed agents to open a wallet.