10 Feb 2016 — This Central Bank Of Nigeria (CBN) & its current leadership is ruining the cashless policy campaigns they initiated. You want a cashless economy but you
1. Put extreme daily withdrawal limits on accounts and that affects businesses so some prefer not to take the money to the banks.
2. Make us pay for ATM cards that are free in some countries.
3. Charge N100 card maintenance fee for a card that is in the customer’s hand.
4. Charge COT on all transactions
5. Charge N50 naira stamp duty on all transactions now. No one understands the essence of this. You just get a mail from your bank and implementation takes effect immediately! Who does that, except in Nigeria? And, there are no consequences!
6. Charge N65 naira when you use other banks’ ATM 3 times. This charge was reversed by former CBN governor, Sanusi Lamido Sanusi, who is now Emir of Kano but has now been reintroduced. The removal of this charge made people use any ATM they found and that reduced queues and the possibility of being robbed at ATM points. When, for example, you need to draw N1000 and you have used other banks’ ATM twice before, you may not be able to make the third withrawal because N65 has to be charged, except you get to your bank’s ATM.
With all these draconian laws of the CBN, how will they successfully achieve financial inclusion and cashless policy?
The people who are unbanked – have no banking activity whatsoever – are the people the CBN claims it wants to bring into the system with mobile money. Yet, you are forgetting that illiteracy is not the only reason people didn’t bank. Arbitrary charges are major causes and millions of accounts are going dormant by the day.
Dear CBN, please take a cue from Kenya’s implementation of Mobile Money where even a market woman transacts business with you without cash.
Learn to consult and orient before ‘instructing banks’ and ‘directing’ immediate implementation of unfriendly laws.
If you refuse to listen, we will, in a manner you can’t imagine, show you that customer is king.
Fola Daniel Adelesi
+234 803 416 3006