By Francis Akinnodi
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Since the persisting cash crunch across consumer markets in Nigeria began, depositors have been expressing dissatisfaction with banks’ services.
The situation becomes more worrisome, so much that bank customers are disappointed by each passing day as several electronic platforms have become epileptic, leading to failed or delayed transactions.
Even as analysts have raised doubts over the Central Bank of Nigeria’s (CBN) drive for the implementation of the cashless policy.
Against the foregoing, not a few bank customers are pessimistic about the feasibility of the cashless policy, which the CBN aims to achieve through the directives.
In fact, most underserved customers, who carried out transactions on banks’ e-channel platforms during the Yuletide, bemoaned the unprecedented poor banking communication network throughout the season and expressed doubt about the feasibility of the cashless policy, not a few customers have been recounting sad experiences, particularly with POS operators.
An Akure-based businessman, Charles Okorie said the trying period characterised by a cash crunch has seen him make several attempts to check his account balance but to no avail, and lamented that even at that he was always charged for the poor service.
He said, “Everything was frustrating. Checking my account balance was so frustrating, even as service charges were deducted from my account. Not only that, sending money to family members and friends has equally become frustrating, as their accounts were not credited, even when my account was debited. Also, many ATMs are not dispensing cash”.
It would be recalled in this context that prior to the cash crunch that the Head of Tax and Corporate Advisory Services at PricewaterhouseCoopers Nigeria, Taiwo Oyedele, narrated how he fell victim to bank e-channel failures as he said the biggest impediment against the adoption of e-payments and by extension, the cashless economy objective in Nigeria, is poor infrastructure.
At a media parley, Oyedele said: “The problem has always been with us, but it seems to get worse during periods of high commercial activities such as the Yuletide.
Unarguably against the backdrop of his experience, Oyedele urged the CBN to prioritise the improvement of this infrastructure, in collaboration with other key stakeholders within the value chain, before implementing the new cash withdrawal limits.
“If not, economic activities would be negatively impacted, which could lead to a drop in Gross Domestic Product or even a recession,” he added.
He cited India as a classic reminder of what could go wrong with a hasty and poorly planned economy policy.
In a similar vein, Adedeji Adebayo said, “Banks, ahead of any festivity, should always be proactive, as there is usually overcrowding in transactions during the festive period. They should always be prepared for it.”
An industrialist, Greatsheyi Akintunde said electronic transaction failures would create more problems for citizens and businesses.
According to him, such transaction failures slow economic activities, especially at a time the CBN is pushing people into a cashless economy.
He said, “If CBN must achieve a cashless policy, it must be ready, and that readiness in terms of infrastructure is not there, though it has made some progress.
