Chief Olisa Metuh, a former national press secretary for the Peoples Democratic Party (PDP), claims that the Central Bank of Nigeria’s (CBN) new cashless policy is counterproductive and inconvenient for low-income Nigerians.
In a statement, Metuh said it is incomprehensible that the nation’s central bank would decide to force the lowest class of residents to purchase Point of Sales (POS) equipment in an economy plagued by arbitrary and repeated bank charges.
According to him, the new policy exposes the underprivileged to many bank deductions and may provide a chance to defraud the populace.
Therefore, he encouraged the CBN to implement regulations to guarantee that transfers and transactions are not hampered by network issues and to offset these steps by suspending bank withdrawal fees.
How do you anticipate Nigerians would support the fruit and banana vendors?
Because of the delays in completing transactions due to the network, should we avoid purchasing from small vendors?
What about the frequent, ongoing deductions from these minor merchants’ accounts?
What about the security concern of waiting to verify payments on the side of the road?
Is it appropriate to implement a rapid, abrupt, and almost entirely cashless policy in our economy at this time? He said.
