Bank operators urge traders, merchants to adopt cashless policy amidst naira scarcity

The Association of Corporate Affairs Managers of Banks (ACAMB), Chief Security Officers in Banks (CSOs), and Committee of Heads of Operations of Banks (CHOBs), have urged traders and merchants across the country to embrace electronic transactions in the midst of the lingering cash crunch.

The group made this remark during an emergency meeting held on Sunday in Lagos against the backdrop of challenges faced by Nigerians due to the implementation of the Central Bank of Nigeria’s naira redesign policy.

“Pending when all the challenges will be resolved, the bank heads appealed to Nigerians, particularly the traders and merchants to embrace and adopt the cashless policy by accepting fund transfers from their customers,” a statement issued by the ACAMB President, Rasheed Bolarinwa, said.

The group explained that the random glitches associated with online transactions will also be addressed in no distant time.

Naira scarcity

In recent weeks, there has been unrest in parts of Nigeria in the wake of the implementation of CBN’s naira redesign policy.

Due to cash crunch occasioned by the poor circulation of the newly redesigned notes, many businesses and households have had a hard time making payments for goods and services.

Last Thursday, President Muhammadu Buhari during a live broadcast approved the continued use of the old N200 notes up until April. But despite the declaration, the naira scarcity still subsists as protesters continue to attack bank facilities in parts of Nigeria.

Action Plan

In a communiqué issued at end of the meeting convened by the Chartered Institute of Bankers of Nigeria (CIBN), the three associations assured the general public that the apex bank and Deposit Money Banks (DMBs) are doing everything possible to make naira available while expressing hope of return to normalcy in the shortest possible time.

The banks said they have resolved to continuously engage customers on efforts made to lessen the hardship being experienced by Nigerians. To forestall further attacks, the bank heads appealed to Security Agencies to increase patrol and surveillance on bank locations especially those located in places prone to attacks.

“The traditional institutions, Community Development Association Heads, Leaders in various markets across Nigeria were also enjoined to educate their subjects and members on the immediate and long term benefits of cashless policy,” the organisations said.

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The communiqué said members of the public, especially bank customers, are also encouraged to leverage several available alternate channels provided by banks to consummate 99 per cent of all their transactions and focus less on cash.

The three bodies urged all banks to make money received available to their customers Over the Counter (OTC) or through the Automated Teller Machines (ATMs).

“Strategic and consistent information should be made available to customers and the general public to keep them abreast of operations and use of alternate payment channels as we jointly work to improve the situations,” the group said.

According to the statement, market women and traders at every market across Nigeria are encouraged not to reject transfer payment from their customers. The group urged traditional institutions, CDA heads, and market leaders to assist in educating their subjects, residents and members at grassroots on the benefits of cashless policy while discouraging deviants and other elements within the community to maintain peace and order.