THE REAL CASHLESS NIGERIA Who will educate the akara market seller about POS? This question was asked during one of my consultancy service with some young lad in a class discussion on the benefit of E-Solution in our economy. The recently concluded Ramadan festival brought out all the essential issue about the efficacy of our policy formation and implementation. Nice policies but faulty implementation which leave us with the popular saying that ‘it is too late to shut the stable door after the horse has bolled, why formulate policies when you know it would not be implemented or was proper research not done? The introduction of cashless policy in the country has always been marling a lot of festivity in the country once the holiday is more than three (3) days except you play it rich and make your cash withdrawal on time and get yourself enough protection at home, this highlight the fraudulent existence of how effective our regulatory agency like CBN is monitoring or combing the excesses of those institutions saddled with the responsibility of providing effective and soon take off/implementation of the policy but rather all we see our CBN fellows do is to fly the globe presenting papers on issues bordering on developed and organized society, with topics like bio metric money and eliminating blood money ,when they can not monitor common errors on electronic transfer and dispense errors on ATM, I will say better no law than law not enforce. The inscription on our automated teller machine (ATM) is as bold as ALL TIME MONEY OR 24 HOURS SERVICE but in the real sense those machine work for just the period of time some of those bank branches are operating why in some rural or semi rural area you will be shocked to see as much as ten (10) ATM machine in front of their gallery but only one or two functioning at a time so why the display of all those artillery without ammunition or trained man power or it is just a show of affluence .these a times leave deserving , precious, loyal ,loving and passionate customers without much option but to travel within a distance of 60 to 80 km risking their lives and wasting valuable man hour on our bad roads to major cities for manor transaction. Trust we Nigerians with our ingenuity, a lot of us have turned it to their advantage, in a local joint someone ordered for beer and pepper soup for himself and some few friends but when it was time to pay he asked the bar man if he have a POS because the ATM in that area was not dispensing forgetting that he can do dry transfer to the barman account with the same ATM that is not vomiting cash. the knowledge gap with most of our financial services is course by our inability to enlighten the end user of alternative option, some banks have more product they themselves do not know about talk more of customer that is an outsider . the bank are ruled by shareholder and cow boy MDs who always cry flaw of paucity of fund and high operative expenditure as if it is not their registered company that is the unseen hands behind all maintaining and supplying contract in the bank that is used to siphon the profit we only read about in newspaper or hear on biz news which is earned from unsolicited alerts. Forget our big for nothing NATIONAL ORIENTATION AGENCY that is not their job because 2015 is at the corner and that is where the bulk is after all they are not part of the profile sharing organ of the bank. Point Of Sale terminate which would have reduce these stress imposed on we innocent customer have its own sad and sorry tales to narrate, the banks are blaming the telecommunication providers for poor network or frustrating services ,the telecommunication companies are blame NCC on high tariff imposed on them, blaming for high interest rate on lending and blame Nigerian for the bad weather, though the telecommunication companies and the banks are enjoying the ostrich game our politician and government executives at the same time are smiling home with Ghana must go bag ,stocking those rare commodities in all the available space inside their water tank. this make me to wonder if there is law for the rich and law for the masses, see why polities is a do or die affair .the banks are not concern about POS because the earning from the installation and usages is very minimal compare to collections from NEPA, FIRS, CUSTOMS, FRSC,WAEC, WATERBOARD etc. hence the push is not intensive coupled with the low literacy level as one bank executive director in lokoja made me to believe , see mumu bank executive . in Ghana and Togo behind us here, I was made to pay for my cab service via their POS, Giant of Africa indeed, surprisingly it is the same Nigeria bank there that issues the POS to those people , ask me why the stuff is working there , there policies are bond and law is for every citizen, are we on the same pedestrian with them or they are ahead of us ? I like making comparism with those African countries because of our similarities except that of over bloated population figure which ought to be our straight but now our major weakness. So my dear country men and woman, is CBN less push on this issue on cashless economy have a lot to do with all the round tripping the top officials enjoyed when printing our local currency abroad why our national minting company of “international standard” is left to print label for bread or is the cashless policy promulgated as a class theory or huddles to prevent the common man from having real romance with his hard earned cash? I am trying to recall the real reason why CBN introduce this policy which was to check or nip corruption in the board and reduce the country huge cost on cash printing,has the policy achieve its objective ? PLS WATCH OUT FOR E-BANKING AND THE CONCLUDING PART OF THIS ESSAY, THANK YOU.
Posted on: Mon, 04 Aug 2014 23:02:38 +0000
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