AMMBAN moves against ‘ umbrella’ agents as POS transactions hit N6.05 trillion

• Body decries rise in failed transactions, insecurity, network hitches • Hopes to expand current 1.4m agents pool in the country

THE Association of Mobile Money and Bank Agents in Nigeria ( AMMBAN) has moved against ‘ umbrella’ agents, which, according to them, has brought great disrepute to the operations in the country.

According to AMMBAN, the ‘ umbrella’ agents are Point of Sales ( POS) operators that are not legally registered and have allowed several frauds to be perpetrated through them.

Speaking in Lagos, yesterday at the Sixth National Conference of the association with the theme: “Agency Banking in the Digital Age: Enforcing Standard, Seizing Opportunities and Managing Risks,” the President, Olojo Victor, in his welcome address, said the association would no longer tolerate activities of those tarnishing the image of the body.

Tackling this menace headlong, Victor said AMMBAN would be working with the Central Bank of Nigeria ( CBN), the Shared Agent Network Expansion Facility ( SANEF), Lagos State Residents Registration Agency ( LASRRA) and operators to ensure only agents registered are allowed to operate in the country.

Speaking on year 2022 operations, Victor, who said there are currently 1.4 million registered agents under AMMBAN and hopes to increase the number, said the year has been a phenomenal one for agents and the industry at large as there have been significant events that shaped the sector.

According to him, registered POS agents have reduced the rates of unemployment in the country because it has created job opportunities and boosted the economy.

He said: “Most significant is the quantum leap in the aggregate number of new mobile money and bank agents we have in the market space as of today.

According to the Nigeria Inter- Bank Settlement System Plc ( NIBSS), in the last nine months of this year 2022, Nigerians spent a total of N6.05 trillion through the POS, which is almost the same amount recorded in the year 2021, the total figure stood at N6.4 trillion.

“NIBSS said the volume of transactions on POS went up as it increased by 14 per cent year on year to 100.4 million in September 2022,” he stated.