Banks Pledged to Increase ATM Cash Availability.
Banks pledged to increase ATM cash availability.
Banks pledged to increase ATM cash availability.
The Edo State Government backs the CBN’s cashless policy, with banks promising increased cash supply to ATMs.
Mr. Godwin Obaseki, Governor of Edo State, has stated that he has no objections to Nigeria’s cashless policy, which is being driven by the Central Bank of Nigeria (CBN), but that it should be implemented in such a way that it does not exacerbate the plight of the common man. NewsReport gathered.
He disclosed this while meeting with the top management staff of the various banks in the state.
Obaseki said the state government is very concerned about the well-being of its citizens and would not want them to go through unnecessary stress in a bid to get their cash. Therefore, it decided to know the measures put in place by the various banks to cushion their pain.
“This morning, I have to invite the CBN and the senior management of banks in Edo State to meet with me because the government is very concerned with the suffering of our people, and we are very worried and concerned about the inability of the people to get cash in Edo State.
“Having deliberated extensively, we have come to the following resolutions:
“The policy of moving the Nigerian economy to a cashless system should be encouraged; it is the best thing for our banking system.”
“So the Edo state government has no problem with the policy of the federal government to move our economy into a cashless economy, but we want to ensure that we do this as painlessly and as seamlessly as possible,” Obaseki said.
He said what Nigerians need is effective communication and how to convince them to buy into the cashless policy of the federal government, stressing that that will help clear their doubts about the whole process.
“We have to improve our communication with our people so that we can reduce their fears.” When people go to the bank to collect cash, it is because they want to spend it on something.
“We want to help inform them that they don’t need to go and collect cash to spend; they actually have other means through which they can still make the payments they want to make without going to the bank to go and collect cash.”
“Most people who have bank accounts and have phones don’t need to go to the bank to collect cash; from their phone, they can make whatever payment they want to make.”
“Those who don’t have a sophisticated phone can still, with the USSD code that has been given to them by their banks, pay for things like N500 and N1000 without paying cash.”
“There are companies that offer electronic wallet services, and CBN has registered quite a lot of them, like the telecom companies have a lot of them, where you can put money in a wallet in your account where you can spend it.”
“We have people who have POS terminals who have been licensed to operate, and they are not only to give cash but to also help you with payment.”
“So, when you go to POS terminals, don’t ask for cash; let them do for you what you want to use the cash for.”
“And finally, Edo State, as you know, has launched our residency identity card, and that card also gives you the capacity to also make payment.”
“We are working closely with the CBN, and by next week, we will ensure that we continue with the rollout of the card for Edo indigenes and residents.”
“In the meeting today, we have to emphasize to our citizens that unlike before, we don’t have to keep cash, and that whatever you want to use cash for, there are means that can help you spend cash without necessarily going to the bank.”
“So, we must move from where we used to hold cash because there is no reason you can’t pay Okada and Keke Rider from your phone.”
“In Kenya, that is what happens. We must make it clear to those selling that there are alternatives to cash payment.”
“The whole purpose of finance is how we can move money from one place to another,” he explained.
On his part, the Director, Risk Management, CBN, Mr. Blaise Ijebor, said, “We are here to make sure that we do all that we can to make sure that there is a supply of naira to everybody in Edo State, but we are also here to encourage people as much as possible to use alternative means to make their payment because we really want to drive a cashless environment in this country because it is of benefit to all of us.
“So, if you can use your card to pay, or your bank app to pay, or your USSD to pay, please use those; you can even go to an ATM that does not accept cash and do a transfer from those ATMs.”
“So, use alternative means as much as possible, but if you must get cash, yes, we are aware that a number of ATMs are not paying. We are going to make sure that there is supply within the next day or two, and they are all paying, but in the interim, you can go to your bank branches; we have made supply available through your bank to give you some cash for you to use.
“We want to advise.” Simply take what you require.”We have asked them to pay up to a maximum of N20,000, but because of the crowd, some banks might not be able to pay you N20,000 at once.
“So, if they can pay you N5,000 or N10,000, use that to manage for the next day or two.”
“We are going to make supplies available.” We are working around the clock to make sure that happens.
“So, please be calm.” Your money is still with the bank, and you will not lose your money. “There is enough money in the banking system to meet everyone’s demand; it’s just that it is taking a bit of time to get everywhere.”