Nigeria: ‘Cash Policy Is Aimed At Driving Financial Security, Transparency’

Following the Central Bank of Nigeria (CBN)’s latest over-the-counter cash policy for individuals and corporate entities, a cross section of Nigerians especially economic analysts have supported the policy.

While some have stressed that the move by the apex bank is not abnormal and is in the right direction, others have expressed their concerns, stating that this would have a negative impact on informal players in the sector.

Speaking at the Accion Microfinance Bank 5thannual inclusion seminar in Lagos, the former Managing Director/Regional Executive Ecobank Nigeria, Patrick Akinwuntan, expressed confidence that this would improve financial security and transparency.

“If you look at the level of theft when people go to buy things in the market, when they finish their shop, most robbery, cash robbery happens when people are coming from the shops, when they are coming from their farms on a Sunday, they believe that there is money with you. But with this policy, the average Nigerian will know well, maybe this person will not be holding up to N100,000,” Akinwuntan said.

Earlier in his remarks, the Chief Executive Officer, Accion Microfinance Bank, Taiwo Joda, said the customer remains a major determinant of their success, as a result all efforts must be made to improve his experience in order to utilize the inherent benefits.

He also noted that customer experience also known as CX involves the interactions and experiences, “your customer has with your business throughout the entire customer journey, from first contact to becoming a happy and loyal customer.”


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