It’s time to revitalise CBN’s Cashless Policy

Last December, I had the opportunity of spending memorable moments with family and friends in Nigeria. However, something else was memorable in an odd manner. I had grueling experiences trying to withdraw funds from the automated teller machines (ATMs). My challenges with accessing cash ranged from frequently arriving at machines that were out of service, to long and rowdy queues at the self-service channels.

From Lagos to Oyo; Ondo to Delta, it was the same story. In Benin City, we drove into the University of Benin, where we found about six or more ATMs of various banks. Only about two were operational at the time. We had no choice but to join one of the long queues. A few moments later, a young man walked up to us, looking distressed. His wife was in the hospital and he needed to make payment for her to be discharged. Everyone on the queue was sympathetic towards him and he was given consideration to jump the queue. The question to be asked is, why would a hospital in a city not have a functional Point of Sale (PoS) system or any other system to enable electronic payment?

Read the rest of the article here.

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About Olajide Olutuyi

Father.Husband.Calgary Flames fan. Calgary Stampeders fan. Akure Sunshine stars fan. Supports conscious capitalism.Progressive conservative( supports sin taxes, low taxes and laissez-faire economy). Now listens to gospel and country. Former rap fan Believes in volunteering and community service as agents of developmental change. A lot of my time goes into community service, reading, encouraging people and most importantly God’s business. Loves culture , business start-ups and politics of both my home and adopted countries. This is my blog. The opinions and thoughts in my article are mine and I make no mistakes for having them. You may also find articles, news or opinions of others that I agree with on my blog. More information about my professional background and interests available on my LinkedIn page.
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