Cashless Policy is good but needs review – Finance Expert

The Chief Executive Officer of Finance With Mukthar, MukhtarMuhammed has described the cash withdrawal limit and the Cashless Policy of the Central Bank of Nigeria as a very good Policy but one in need of a bit more tweaks before it can address the concerns of most Nigerians.

Mr Mukhtar who was speaking with Nifemi Oguntoye on This Morning on TVC News, said the issues raised by stakeholders on what they feel is wrong with the policy has to do with how people in the Rural areas will be able to cope not minding their embrace of electronic Banking which has seen the rise of POS business across the Length and Breadth of Nigeria.

He added that the issues also affects casual workers and those who are transacting businesses in the rural areas whose scale of business is also all about Cash.

He urged the Central Bank of Nigeria to move a very good Policy to one that has a direct impact and takes into account the concerns of all critical stakeholders.

He also advised the Central Bank of Nigeria to look at the current dynamics of the nation especially in terms of security challenges in most Rural areas making it difficult for banks or even micro finance banks to operate.

He also challenged the National Assembly members to look more closely at the challenges posed to people to have access to banking services in the implementation of the Policy describing cash withdrawal limit as the global best practices that is in operation in Other parts of the World.

He also called for a review of the decision to only put smaller notes into circulation through the Automated Teller Machines for security reasons asking how big the 200 Naira notes in 5 places making the 100,000 Naira daily limit bulky in peoples pocket thereby attracting unwanted attention leading to robbery that may also lead to injuries or even death.

On concerns by POS operators, he said they have also become a conduit for corrupt and criminal activities.