The leadership of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), led by Acting President Dr. Obioha Oti, met with members of the National Assembly on December 4, 2024, to discuss the state of the POS business and its role in Nigeria’s economy.
During the meeting, AMMBAN expressed gratitude to Hon. John Okafor and Hon. Pastor Eze Nwachukwu Eze, Chairman of the House Committee on Banking and Ancillary Institutions, for their warm reception and attention to the POS sector. The association highlighted the industry’s significant contributions, including creating over 1.5 million jobs and attracting billions of dollars in investments.
Dr. Obioha Oti underscored the role of digital financial services in driving financial inclusion, while acknowledging existing challenges in the sector. AMMBAN pledged to collaborate with stakeholders to address these challenges and improve the industry’s performance.
National Vice President 2, Adeyemo Yusuf, praised the expertise of Hon. Okafor and Hon. Eze, expressing optimism about their potential to drive positive change. He emphasized the need for joint efforts to support the federal government’s vision of achieving a $1 trillion economy by 2030 and advancing the Central Bank of Nigeria’s financial inclusion initiatives.
Hon. Eze assured AMMBAN of the National Assembly’s commitment to developing legislative policies that will strengthen the POS sector and improve the livelihoods of Nigerians. He commended AMMBAN’s proactive approach and dedication to enhancing the industry for FinTech companies, investors, agents, and consumers.
Additionally, AMMBAN informed Hon. Eze of their ongoing efforts to combat identity theft and fraud within the industry through the AGENT JOINT TASKFORCE (AJTF), supported by security agencies and service providers.
Key Takeaways:
- Collaboration: AMMBAN and the National Assembly will work together to address challenges in the POS industry and promote financial inclusion.
- Legislative Support: Hon. Eze and Hon. Okafor pledged to advocate for policies that support the sector, under the leadership of Speaker Hon. Tajudeen Abbas.
- Financial Inclusion: The meeting reinforced the critical role of digital financial services in expanding financial access across Nigeria.
Economic Growth: Both parties stressed the importance of collaboration to help Nigeria achieve its goal of a $1 trillion economy by 2030.
