CBN excludes Abuja, Lagos PoS operators from cash swap programme – Newstrends
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CBN excludes Abuja, Lagos PoS operators from cash swap programme

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The Central Bank of Nigeria has excluded mobile money/Point of Sales agents in Abuja and Lagos from its newly launched cash swap programme.

The Punch reports the development ahead of the January 31 deadline for the phasing out of the old N1,000, N500 and N200 notes.

It reports a Frequently Asked Questions document released to selected agents obtained on Monday that the CBN provides some guidelines for the cash swap programme.

According to the document, the only five banks approved for the programme are Access Bank, Zenith Bank, United Bank for Africa, First Bank of Nigeria and First City Monument Bank.

It read in part, “Not all agents can participate. This is open to only selected agents profiled by the super agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).”

On the number of states selected for the programme, it read, “Selected agents in all the 36 states (except Lagos State and FCT, Abuja). Lagos and Abuja agents are excluded from this.”

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The PUNCH also learnt that the agents are restricted from using the new notes for their regular transactions, only for the programme.

On where the agents can get the new notes, the document added, “from one of these designated banks (Zenith, First Bank, Access, UBA, FCMB). However, you must have a bank account with that bank and your operators (super agent/MMO/bank) will have pre-registered you with the bank where you have an account.”

It added, “you must go to the bank you have informed operator (super agent/MMO/bank) of. That is where your agent details will be submitted to for verification when you get there to collect the new notes.”

Also, each agent’s name, BVN number, and operator’s name are required before the new notes will be released.

The document added that the bank would also verify the agent’s picture and finger print.

The document also noted that an agent is expected to have a record of the customer’s Know-Your-Customer information, which includes name, phone number, bank, account number and amount.

It was also noted that why there is no restriction on how much a customer can deposit, only N10,000 can be released per customer under the cash swap programme.

The CBN also urged the agents to open a bank account or wallet for customers with bank accounts.

The PUNCH also learnt that an agent can only get up to N500,000 new notes weekly for the programme.

Also, each agent is expected to record all transactions performed with the new notes and submit the record to the operator (super agent/MMO/bank).

CBN threatens sanction

Regarding what happens if an agent uses the new notes for other purposes other than the new naira initiative, the document noted, “There will be severe sanctions such as de-listing as an agent, withhold of any applicable benefit, de-list from future programmes, negative report to bank & CBN and other such penalties as directed by regulatory authorities.”

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In a memo by Moniepoint to their agents, agents were asked to collect BVN, NIN, or voter’s card details from customers paid new notes.

The memo read in part, “The Swap should be in the form of PoS withdrawals only of not more than N10,000 per person. Any withdrawal more than N10,000 per person should not be paid with new notes.

“Agents are also permitted to charge cash-out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.

“You are to collect BVN, NIN or votes card details from customers paid with new notes for weekly submissions to the CBN.

“The CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”

The National President, Association of Mobile Money and Bank Agents in Nigeria, Mr Victor Olojo, told our correspondent that a proposed meeting with the CBN did not hold.

He further noted that the agents were still actively involved in the process and a framework had been provided to guide the programme.

The CBN when announcing the cash swap programme which began on Monday, noted that the initiative was aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned notes. To promote financial inclusion, the CBN said the service was also available to anybody without a bank account.

It said agents might, on request, instantly open a wallet or account, leveraging the CBN tiered know your customer framework. This, according to the bank, will ensure that this category of the populace (unbanked citizens) is able to exchange or deposit their cash seamlessly without taking unnecessary risks or incurring undue costs.

The CBN also directed agents to sensitise customers to opening wallets/bank accounts and the various channels for conducting electronic transactions.

A PoS agent (name withheld), who reached out to the executive members of the AMMBAN, noted that PoS agents were risking their lives in Kebbi to circulate the new notes.

He said, “Here in Kebbi State, the new notes are only in circulation within the Birnin Kebbi the state capital, and agents are doing their best to mop up the old notes, taking the risk of traveling with huge cash from rural areas to the state capital as most of the banks in Kebbi State has only one branch in the state capital while the few banks exist in the selected local governments are over-crowded.”

The AMMBAN president had earlier told the PUNCH that the issue of insecurity would likely affect the operations of some PoS agents, noting that some measures were also in place to safeguard the agents and the cash.

Railway

Lagos Govt to redesign Oshodi motor park for rail integration

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Honourable Commissioner for Transportation, Oluwaseun Osiyemi

Lagos Govt to redesign Oshodi motor park for rail integration

The Lagos State Government has announced plans to redesign the Oshodi Transport Interchange (OTI) to integrate the facility with the Red Line and Blue Line rail systems, advancing its Rail Mass Transit project.

This initiative aims to deliver seamless connectivity between the two key rail networks and enhance commuters’ experience in Lagos.

The disclosure was conveyed via a statement shared on the official X (formerly Twitter) account of the Lagos State Ministry of Transportation on Saturday, highlighting the need to optimize the design and operations of the OTI to boost efficiency and align with global standards.

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To kickstart the process, the Honourable Commissioner for Transportation, Seun Osiyemi, held a meeting with stakeholders to assess the current state of the interchange and outline strategies for its improvement.

“The Ministry of Transportation sought to address the ongoing developments and challenges affecting the Oshodi Transport Interchange (OTI) in preparedness for the integration of the Rail Mass transit system; Red Line rail project connecting the Blue Line.

“The Ministry recognized that a review of the OTI’s design and operations is essential for its optimization which led to the Honourable Commissioner for Transportation, Oluwaseun Osiyemi meeting with relevant Stakeholders to discuss the current state of the OTI and identify viable solutions that would enhance its operational efficiency in alignment with global standards and Standard Operating Procedures,” the statement read in part.

 

Lagos Govt to redesign Oshodi motor park for rail integration

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Nigeria’s firm, Weststar Associates, shines in Dubai, wins Daimler Truck EliteClass award 

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Nigeria’s firm, Weststar Associates, shines in Dubai, wins Daimler Truck EliteClass award 

 

Weststar Associates Limited, Authorised General Distributor of Daimler Truck in Nigeria, has brought honour home all the way from United Arab Emirates specifically at the EliteClass 2024 Season Awards.

Daimler Truck Middle East Africa the Weststar team with the Silver Award in the Elite CSP (Customer Service and Parts) Performance category.
This is contained in a statement issued in Lagos, which added that the EliteClass 2024 Awards ceremony brought together 40 Daimler Truck Business Partners for a night of recognition and celebration.
Held at the One & Only Royal Mirage in Dubai, the prestigious black-tie event honoured top-performing general distributors that have demonstrated exceptional performance, dedication, and commitment to excellence in 2024.
The EliteClass 2024 Awards C
ceremony was the culmination of a year-long EliteClass programme for the Middle East and Africa measuring 24 categories across the entire business spectrum for Mercedes-Benz Trucks, Daimler Buses, and Fuso Trucks & Bus.
The awards highlighted the dedication and resilience of partners who have achieved outstanding performance and a remarkable commitment to excellence and contributed significantly to Daimler Truck’s success in the MEA regions.
President & CEO of Daimler Truck Middle East Africa, Mr. Michael Dietz, emphasized the importance of collaboration and performance-driven success during his opening address. “EliteClass 2024 is more than just an awards ceremony—it is a testament to the hard work, commitment, and shared vision of our partners.
“Their achievements continue to drive our brand forward, setting new benchmarks in customer experience and operational excellence across the region,” he said.
Weststar’s General Manager, Sales, Mr. Christopher Irumudomon, was present at the EliteClass 2024 Season Awards ceremony to accept the Silver Award in the Elite CSP (Customer Service and Parts) Performance category.
While presenting this award, the Daimler Trucks MEA leadership made the following statement: “Congratulations on your achievement in the EliteClass Central Africa 2024 Season. We are pleased to recognize your individual category achievement.”
The EliteClass 2024 Awards reaffirms Daimler Truck’s commitment to excellence, continuous growth, and the recognition of partners who drive success in an evolving industry landscape.
According to the statement, Weststar Associates Limited continues to fly the flag of the “brand with the star” high in Nigeria.
It said the company had remained the go-to home for all Mercedes-Benz needs in this region.
“With a dealership network that expands to the major regions of the country, along with highly trained and experienced sales and after-sales staff. Nigerians can rest assured that they will always have ‘the best or nothing’ at their disposal,” it stated.

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NRC to revive Lagos 2pm MTTS train as Opeifa tours districts 

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From right: Lagos Railway District Manager, Engr Augustine Arisa, Director Mechanical, Electrical Engr Jerry Oche, NRC MD, Dr Kayode Opeifa and one of the women Engineers Omage Patrick...on Friday.

NRC to revive Lagos 2pm MTTS train as Opeifa tours districts 

The Nigerian Railwaiy Corporation (NRC) will soon revive its Lagos 2pm mass transit train service (MTTS) in line with the demands of passengers.

Managing Director of the NRC, Dr Kayode Opeifa, disclosed in Lagos, assuring Nigerians of the readiness of the corporation to serve them better.

He spoke at the Iddo Train Station, while addressing train passengers commuting daily from Ijoko and other border communities in Ogun State to Iddo and Idumota axis of the Lagos Island.

A statement by the Deputy Director of Public Relations at the NRC, Mahmood Yakubu, quoted the MD as saying, “NRC management being aware of the centrality of the MTT Kajola to Iddo rail line to the continued prosperity of the Iddo, Idumota and some other big markets in Lagos will not only continue to sustain the line, but work to add addition service after careful commercial market viability and sustainability studies.”

Opeifa was at Iddo Station to assess the available space in preparation for upcoming developmental and revitalization initiatives.
According to him, the transformation of the Iddo Terminal is central to the corporation’s goal to significantly improve the terminal’s infrastructure, optimize its capacity and elevate the passenger experience
He also said the management would urgently embark on the rehabilitation of the coaches to improve the ambience of the interior of the trains and the Iddo stations for better customer experience and patronage.
Opeifa said he would not hesitate to terminate the contract of any contractor not willing or ready to add value to the corporation’s service.
The managing director, who spent some time going round the Iddo Station, also directed the installation of solar panels around the station to better improve the lightening condition, even as he sent the signal that a comprehensive review of all land leases around the station is underway.
Opeifa was nostalgic about the several interesting monuments and railway relics.

He called on corporate organisations and other philanthropists to support the corporation in the area of provision of conveniences for train passengers as part of their corporate social responsibility.

The Railway District Manager (RDM), Engr Augustine Arisa, and District Superintendent, Mrs Chidinma Mba, also informed the MD that the prosperity of the Idumota market is also related to the operations of the MTT line as any day the train does not run, the market feels it.
The NRC MD had earlier commenced his maiden tour of the NRC districts across the country, with a tour to the Running Shed of the corporation at Ebute Metta, which he learnt was a hub to other districts.
He expressed delight at the industry of ironmen (women engineers and technicians) working in the corporation who are competing with their male counterparts in ensuring that all the nation’s rolling assets are in serviceable conditions.
The tour took him to the store, where Opeifa directed that the management must commence the painting of several legacy buildings of the corporation across the country.

He added that the corporation was determined to improve its image as a frontline mobility service provider and the hub for logistics services in the country.
Opeifa who observed that there are no scraps in the railway, reiterated earlier calls on Nigerians to beware of anyone vandalizing the rail materials across the country, adding that security agencies especially the Nigeria Security and Civil Defence Corps (NSCDC) had been directed to prosecute anyone caught vandalizing any rail assets.
He said the corporation would put back to shape as many narrow gauge locomotives still serviceable and would deploy them across the country to serve passenger traffic anywhere the corporation had existing train lines just as the Federal Government would aggressively continue to invest and expand the national standard gauge corridor.
The tour also took the managing director to the Battery Room, as well as the laboratory, an inspection of all the mechanical fluids which was a crucial facility responsible for analyzing the quality and integrity of mechanical fluids used in NRC rail operations.
He assured the laboratory that the management under his watch would continue to support their growth and development as he himself trained and once worked as an analytical chemist.
The tour also took Opeifa to Agege Station where he had a closed door meeting with officials from the Lagos Metropolitan Area Transport Authority (LAMATA), led by the Director Rail Services Engr Olasunkanmi Okusaga, on how to firm up security challenges between the two stations Babatunde Raji Fashola Station and the Lagos State Train Station at Agege Station.
Opeifa who was led round by the Agege Station Manager, Mrs Ese Asowata, went round to check the station’s conveniences, the VIP Lounge, the control room, the ticketing lounge and administrative sections among others.
The managing director took time to address the concerns of some train passengers, one of them, Olatunde Apata, who complained of what could be done for any passenger who missed his train. Apata, who was heading to the Prof. Wole Soyinka Station, in Abeokuta, Ogun State, had missed his train because he went to pray.
Addressing all challenges Opeifa directed that under no circumstances should the ticket not work to relief passengers with disability access the train.

He equally said efforts were being made to see how the issue of those missing their train would be addressed even as he disclosed that the NRC and LAMATA were working at how to ensure passengers could co-switch and access the metro train to continue their journey from the stations.

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