The cashless policy, meant to bring development to Nigeria’s economic sector and positive change to the country’s social well being in order to improve standard of living for its citizens and ease hardship, has become a source of pain and agony.
Since the implementation of the policy, citizens are faced with challenges to get cash in hand to make their business and non business transactions.
Apparently, thousands of citizens spend their day crowded in queues at Automated Teller Machines (ATMs) across the country in a bid to withdraw their hard earned money. Many others spend their nights in queues so as to maintain their queue and withdraw money early the next morning.
Furthermore, citizens of Nigeria have bitterly complained over the banks’ transactions, saying that the services are very poor using USSD or bank apps.
This has become a big challenge to people living in cities and towns who have access to use such networks. Many people are seen crowded at banks’ customer care centers with complaints that their accounts have been debited for transactions while others do not receive transactions alerts.
As a result, some business men and women no longer accept bank transfers while others accept but increase the price over that of cash in hand.
People living in rural areas however are faced with the challenge of non-availability of banks. As a result, some have switched to “trade by barter”, exchange of goods for goods, in means of transactions in order to maintain livelihood. Furthermore, other villagers have resorted to use neighbouring country’s currency.
Meanwhile, experts on economy have proffered advice, which the apex bank and concerned authorities should look into so as to ease the sufferings of citizens.
The advise include that the Nigerian Inter-Bank Settlement Systems (NIBSS) should put up a more robust system in place, due to the increase in transfer rate and that the policy should be implemented gradually without a rush.
Tijjani Bulama,
Sokoto, Sokoto state
[email protected]
