The cash swap scheme that allowed rural and unbanked individuals to exchange old notes for new ones has ended, according to the CBN’s acting spokesperson, Isa Abdulmumin. He claimed that the program’s goal had been met and that it wasn’t intended to last forever.
While this was going on, the Association of Mobile Money and Bank Agents in Nigeria opposed the program, alleging that there wasn’t enough involvement from stakeholders.
The initiative has come to an end, he declared. The monetary swap had a lifeline and was not permanent.
According to the CBN, the cash swap program’s goal was to make it easier to exchange outdated naira notes for newly designed currency ones made by people who lack access to conventional financial systems and live in rural or disadvantaged areas.
Because the service was available to those without bank accounts, the CBN decided to exclude mobile money/Point of Sales agents in Abuja and Lagos in an effort to increase financial inclusion.
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