Customers of organised banks and mobile money operators have voiced objection to the new Central Bank of Nigeria (CBN), withdrawal regulations, saying that the Bank wants to drive them out of business.

According to a new memo to banks issued on Tuesday and signed by the Director of Banking Supervision, Haruna .B. Mustafa, individuals will only be able to withdraw N100,000 per week ( from over the counter, Point of Sale Machines or the Automated Teller Machines), while organisation can access N500,000 per week.

Wakadaily reported that the CBN added that, Only denominations of N200 and below shall be loaded into the ATMs and the maximum cash withdrawal via the point-of-sale terminal shall be N20,000 daily.

However, the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has kicked against the CBN’s cash dispensing policy, sayin it will not fly, and protested that it will dampen business for mobile banking agents.

Commenting on the new policy, President of AMMBAN, Mr. Olojo Victor, said: “They want to send us out of business. We are against this. It is counter-productive. It does not represent what the CBN initially stood for in terms of financial inclusion. This is not driving us forward.

“It is a punishment for an average Nigerian. A bag of rice is N48,000. That means if I want to go to the market I can’t take cash. How will I do the transaction?

“We don’t have the technological infrastructure to support this policy. Nigerians have not been sensitized.

“There is no alternative and you are taking out cash. You are running a cash-dominant economy as we speak.

Speaking further he said, “Cash still remains king whether we like it or not. Go to the average market we still have more cash transactions than PoS and suddenly you want to seal cash without bringing alternatives and education and sensitizing Nigerians on how the alternatives work.

“This will not fly. It is not suitable. It is a good idea but not at the right time.”