Worried by the difficulty experienced by Nigerians in getting the new naira notes, Vice President Yemi Osinbajo, on Friday, met with some players in the FinTech space, exploring possible ways of mitigating the hardship.
“It seems to me that banks must engage their mobile money operators – FinTechs with mobile money licenses and many of them have micro-finance bank licenses now and already have a network of mobile money agents or human banks or human ATMs who are responsible to them and they can supervise by themselves. They can do currency swaps and open bank accounts.”
Speaking further about some of the concerns arising from the redesign of the new naira notes, the VP stated that “more disturbing is the fact that after depositing your old notes, there are no new notes, so people everywhere in the urban areas and rural areas simply have no money.” The Vice President acknowledged that “there are logistical challenges that have to be addressed by the CBN and the banks, especially from the point of view of the average Nigerian and those in the hinterland who hardly use any electronic platforms.”
He also observed that while there has always been a certain failure rate in online banking and money transactions, they have become even more difficult now with the increase in the number of transactions congesting the system. He said, “so where in the past you used POS or any of the electronic platforms, you had maybe 20%-30% failure rate, now because everyone is trying to get on those platforms, obviously, the failure rate is much more and the problems are much more pronounced.”All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BREAKING: Osinbajo finally speaks on Naira Cash Crunch, reveals next line of ActionWorried by the difficulty experienced by Nigerians in getting the new naira notes, Vice President Yemi Osinbajo, SAN today met with some players in the FinTech space, exploring possible ways of mitigating the hardship. Specifically, he urged regulators and the banks to deploy more FinTechs and money agents to the hinterlands to address the worrying …
Read more »
Naira swap: What will happen to your old Naira after the February 10 deadline? | The Guardian Nigeria News - Nigeria and World NewsThe Naira redesign policy phasing out the old 1000 naira, 500 naira, and 200 naira notes by Nigeria's Central Bank continues to generate uproar across the country because citizens are finding it harder and harder to access the new notes.
Read more »
Newspaper Headlines: Chaos at banks, businesses suffer over scarcity of naira notes | TheCableReports on scarcity of the naira notes and comment of Nasir el-Rufai, governor of Kaduna, dominated the cover pages of Nigerian newspapers
Read more »
BREAKING: CBN directs banks to start paying new naira notes over the counter | TheCableThe Central Bank of Nigeria (CBN) has directed commercial banks to start paying the redesigned naira notes to customers over the counter. In a statement on Thursday, Godwin Emefiele, CBN
Read more »
CBN directs banks to start paying new naira notes over the counterThe Central Bank of Nigeria (CBN) on Thursday directed commercial banks to start paying the redesigned naira notes to customers over the counter.
Read more »
JUST IN: CBN directs banks to begin paying new naira notesThe Central Bank of Nigeria has directed commercial banks to start paying the new naira notes to customers over the counter in the banking halls.
Read more »