NEW CBN WITHDRAWAL LIMIT A PLUS TO FINTECH

EGBAI HENRY CHINEDU

TEAM LEAD AGENT AQUISITION AND MANAGEMENT ITEX DELTA STATE

   The year 2023 will be a year of boom for Financial Technology Companies if CBN stand to their promise about the earlier declaration of the 100,000 Naira Maximum withdrawal per day for individuals, over the counter and 20,000 daily using ATM card for pos machines and ATM machines.

              Before COVID-19 many people in Nigeria hardly make use of POS Terminals, because it was a new technology then and they were afraid of the operators of the terminals parting away with their money. During COVID-19 people were forced to remain indoors and banks were shutdown, these  made POS operators became known and since then the rise of operators of these machines had increase drastically thereby creating jobs for the teeming population and making financial services available for un banked communities and rural areas.

    In the  year 2023, any business owner who wants to remain relevant will definitely acquire digital or mobile apps and POS terminal. A man who is selling bags of rice, bags of cement, electronics will definitely acquire these devices. Someone buying 3 bags of rice which amount to more than 100,000 or another lady buying a 43 inches smart television which cost more than 100,000 will have a need to make use of digital banking which includes transfer through mobile app or using the pos terminal of the seller to carry out the transaction.

   The question now is how prepared are Fintech  Companies in providing seem less services to their users and also availability of digital platforms such as mobile wallets or bank apps and  POS Terminals to bridge the gap of high demand starting from January 2023. In the coming year there will be an increase in merchants because every  business owner will definitely demand for POS terminal, in other to maximize profit.