Monday, March 27, 2023

Cash crunch: Obaseki backs Nigerian govt policy on cashless economy

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Ibrahim Ramalan
Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or, or @McRamalan on Twitter.
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Governor Godwin Obaseki of Edo on Monday called on Nigerians to support the Federal Government’s cashless policy, describing it as the best for the banking sector.

Mr Obaseki made the call shortly after a closed-door meeting with officials of the Central Bank of Nigeria, CBN, and senior management of banks in Benin.

Mr Obaseki noted that the meeting was called due to his concern over the scarcity of cash and the hardship the people were going through while trying to get cash.

“As a government, we do not have a problem with the policy. The policy should be encouraged; it is the best for our banking system.

“However, we want to ensure that we do this as painlessly and as seamlessly as possible.

“Nigerians should know that they have other means through which they can still make payments without necessarily going to the bank.

“Most people who have bank accounts and have android phones do not need to go to the banks to collect cash.

“From their phone, they can make whatever payment they want to make.

“Others with less sophisticated phones can still make payment with the USSD code given to them by their banks,” he said.

Mr Obaseki explained that there were also companies that offer electronic wallet service registered by the CBN.

“We also have POS terminals that have been licensed to operate, through which the people can also make payment”, he added.

He noted that his administration would join hands with the CBN and the banker committee in the state to monitor the situation and resolve the problems.

Also speaking, Blaise Ijebor, a CBN director, urged the people to use alternative means to make payments, adding that CBN wanted to drive a cash-light economy for the benefit of Nigerians.

“We are going to make sure that there is cash supply within the next few days.

“We have asked banks to pay up to N20,000 but because of the crowd, some banks might not be able to pay N20,000 at once.

“So, if they can pay you N5000 or N10,000, use that to manage for the next day or two. We are going to make supply available.

“We have set up a monitoring team and working with the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to visit various banks to ensure compliance,” he said.


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