CASHLESS ECONOMY PHASE II: HOW PREPARED IS NIGERIA FOR THE NEW MOVE?

Written by: Boluwatife Nathaniel Awofadeju.

The introduction of the cashless economy initiative by the Central Bank of Nigeria (CBN) though it is not a new initiative but a good step in the right direction of preserving and improving financial transactions that are done within the economy. Phase one of this initiative was implemented in Lagos state, Nigeria and it included the introduction of more ATM machines, POS terminals, the use of more ATM cards for business transactions, internet banking transactions and mobile banking platforms and the setup of maximum amounts to be deductable by individuals or corporate bodies over the counter in one day transaction.

All of these are tools already applicable outside the shores of Nigeria but lessons gained from the Lagos story shows that enlightment of the populace needed to be improved upon as well as the enlightment of individuals especially those living in rural communities on how to enjoy mobile banking transactions from their various commercial banks. According to the Head, Shared Services CBN, Mr. Chidi Umeano; rural communities were barely captured (in terms of mobile banking services) in the Lagos project by a mere forty percent, still he is fully confident that the apex bank would be able to improve on past errors and misdeeds that occurred in the Lagos project to make such corrections serve as a guide in the implementation of the second stage of the cashless policy project.

In a recent interview conducted on Channels Television’s programme “BUSINESS THIS MORNING”, Mr. Chidi explains that the second phase would be implemented in Aba, Abuja, Port-Hartcourt, Borno, Kaduna and the Federal Capital Territory (FCT), Abuja. According to him, these places coupled with Lagos form the major areas where more bulky financial transactions are conducted in the country. For each of the states, the state co-ordinators in each of the CBN branches would be responsible for the full implementation and awareness creation of the policy in their various domains; starting from within the state branches to conducting meetings with commercial banks and other financial institutions within each state chapter and the eventual awareness preparation that would be given to the individuals living within the various states.

Pecularities and unique features in the different states and the nature of business and financial activities would also be thoroughly considered as what is a peculiar feature in the terrains of one state might be different from that of another, therefore solutions and suggestions for improvements of the cases applicable for each of the states might be different as well. Mr. Chidi also believes that if at least fifty to sixty percent of the overall goal of the cashless economy initiative is been achieved; it would eventually be great for the country; implying that the policies, decisions and plans that would be made by the Monetary Policy Committee (MPC) would be more effective for the economy; as the formal sectors which forms the major driving force of Nigeria would be positively affected by these actions and decisions.

Asides from the preparatory stage being implemented; select individuals within each of the state branches of the CBN known as “cashless champions” are also going to be coordinators of the cashless initiative in their CBN organizations and the states as well. In addition, a new customer complaint department has being established within the walls of the CBN; this department would be responsible for receiving queries, questions, suggestions and so on from customers as regards to their reaction to the initiative before and when the policy would be established.

Though; it may be a new development that might initially affect ones’ spending capacity, saving ability and standard of living; but in due time, Nigerians would eventually be prudent in their spending as this initiative is meant to reduce high cashflow in circulation within the economy by 80%, increase more access and channels of investments and more convenience in investing and reduce cost of capital and the cost of services that banks and other financial institutions offer to their customers. He stated that if Nigerians are being charged any amount for transacting business with their ATM cards in any bank ATM machine whatsoever, such individual(s) have the right to report the treatment they receive to the CBN customer compliant department. This and any other queries can be forwarded to them for immediate treatment.

The question now is this “how prepared are Nigerians for this new move”. Illiteracy must be erased in this economy for full understanding of this concept especially for our rural dwellers. Let’s accept change now; it’s the best solution for Nigeria’s move to the next level. If you don’t fully get the terrain of things as regards this initiative, then ask people and qualified experts for proper explanations, be IT complaint and surf on the net regularly, watch or listen to business, investment programs or adverts on the television and on the radio, read newspapers and magazines, go to your bank or financial institution and ask questions; be informed always, as the saying goes “knowledge is power”, don’t be caught in the dark so that you won’t be left alone when the ship comes to take its passengers, we all must get to the promised land together. Don’t be passive to change, accept it, apply and adapt it to your life and grow in it; Nigerians change is coming soon, are you ready for it?

BOLUWATIFE NATHANIEL AWOFADEJU

(+2348132327213)

(boludearie@yahoo.com)

NIGERIA’S SAFETY, INTEGRITY AND POTENTIAL ON THE RED LINE

Written by: Boluwatife Nathaniel Awofadeju.

What is going on in our country is really disturbing and shocking to know. How can a state lack the ability to be able to protect itself? The recent assassination of the Commissioner of Police of Kwara state in Nigeria shows that the security situation in Nigeria needs to be looked into again. While is it now that the state’s House of Assembly is just suggesting the installation of CCTV cameras and security systems in all state buildings and facilities and in public places; this should be something that should be done with the construction, maintenance and rehabilitation of roads and street lights within the state.

Though the state cannot be entirely blamed for this but if the truth is to be told, would the

state’s Police command really fish out and publicly announce the culprits who are responsible for these killings? We all know the way cases of criminals are being handled and even when such cases are related to guilty top personalities and celebrities, we never hear of their verdict or the stories and information surrounding their trials. For instance, the Bola Ige trial or Abiola and his late wife’s trial which is still ongoing after over a decade ago; both the Police and judicial system are very porous and need adequate checks and balances.

 

Thank God that investigation is ongoing; on various allegations filed against corrupt and unjust

judges in Nigeria; this proves that nobody is above the law and the law is above everybody and it has definitely increased the public’s confidence in the authencity of Nigeria’s law and the genuinety and fairness of judgements and the decision making process made in Nigerian courts. If Israel through one of its institute can challenge the Nigerian government to keep up the good work of tackling corruption citing examples of some of its past presidents and ministers who are currently in jail or are on trail for allegations made against them for the illegalities they have done during their tenure of office, then Nigeria can do so.

If the great cyclist and cheat Dave Armstrong could be physically stripped off all his Tour de

France titles and his only Olympic medal plus all the endowments and sponsorship he got throughout his illegal cycling year – all occurring in the greatest and most powerful country in the world – the United States of America, then Nigeria – the giant of Africa is no exception. Though the title “the giant of Africa” is gradually slipping off from our hands, economic and wealth inequality is on the rise, the potential of the citizenry are not fully utilized, no jobs are available for unemployed graduates and no incentives for them; all of these would eventually force them to take heed to crime and other fraudulent practices; and then assassinations, kidnapping, ritual killings, rape and murder and armed robbery (whether physical or cyber-theft) would be the order of the day, can one really blame them for all of this?

As for me, I do not support crime but I canvass for peace and justice for the fellow Nigerian. I am still happy hearing from our finance and economic minister, Dr. Ngozi claiming that she is solidly working and supporting the poor and average Nigerian and I am fully inspired by the level of progress prominent people like Alhaji Dangote has done in the Nigerian economy, not only him but other renowned personalities like Professor Pat Utomi, Professor Wole Soyinka, Professor Chinua Achebe, Pastor Tunde Bakare, Pastor and Pastor (Mrs) E.A Adeboye, Pastor and Pastor (Mrs) Sam Adeyemi, the Kennis Music group; the entire entertainment and sports industry, e.t.c, these are various elements that are representing Nigeria on the global ladder, with all of these elements, while shouldn’t we be encouraged to raise Nigeria up.

My message is for the ordinary citizens of this country, don’t waste your time believing that the government would feed you and meet all of your needs, think of what you can contribute to the country’s growth, be enterprising, set up your own business but with a global touch and feel, gain necessary skills and competence; attend workshops, seminars and trainings; do not be idle, always think of something positive and economical to do, an activity that would not only benefit you and your family but would impact on your immediate community, the country and the world at large. Nigerians overseas please do not forget your fatherland, whether you like it or not, this is your home; the earlier we all come together to build up this country, the faster our pace and rate of progress. And for Nigerians at home; those at the top or bottom of the ladder should come together; a sovereign national conference or at least regular national forums should be conducted, think-tank groups and committees should be formed; ideas should be embraced from all corners, critical sectors and industries like power, agriculture, education, entertainment, works and housing, manufacturing, sports and youth development and the financial services sector should be looked into; and not only the petroleum sector that should take center stage in Nigeria’s revenue generation.

To be sincere, even if the petroleum sector accounts for a major percentage of the national GDP^*, if all the oil of this country finishes today, what do we fall back on? Honestly, science, technology and innovation amongst budding Nigerians and technocrats should be encouraged, less of importation should be encouraged; support and incentives for local producers should be provided; the creative industry (that is the arts, music, movie and theatrical sectors) should be properly structured, I believe that things in this sector should be properly documented and organized, the sector ought to have a peculiar minister in charge of its activities; these are really untapped markets that the Nigerian government is not taking proper look into. Who says that we cannot have entertainment villages, movie theaters and more animation studios that can make our “Nollywood” sector to fully compete with America’s “Hollywood”.

I charge all Nigerians to brace up, wake up from their slumber, we are not where we ought to be and till we get to our destination, we should never give up or lose hope on our country’s potential because with due time we will be great, it is only a matter of time; yes we will, if only we believe in Nigeria and see the positive side it holds for us, the faster we become united and do the right things at the right time, the faster we get there. God bless Nigeria, God bless Africa, God bless the world.

^*KEY: GDP - Gross Domestic Product

BOLUWATIFE NATHANIEL AWOFADEJU

(+2348132327213)

(boludearie@yahoo.com)