The Nigerian government announced that by the 31st of January 2023, certain naira notes would no longer be legible for trade. This was a brilliant attempt to curb the issues arising from the ongoing inflation rates in the market.
Although it was a brilliant idea the government suggested, our country does not seem to be ready for it as even the private banks, have refused to give out the new naira notes. It becomes a horrible idea when you threaten to ban old notes and ask everyone to submit their cash while the banks have refused to replace the old notes with new ones.
We can already say we are in a cashless society because there is no cash and it has become a very scarce commodity in Nigeria. Nigerian citizens are currently buying cash and it’s not fair in any way. We work for our money and store it in the bank but now they have made it very difficult to access it. You can also see Nigerians fighting at the ATMs or buying cash via expensive POS transactions.
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Prof. Osinbajo’s Heroic Speech On Nigerian Fintech
Nigeria’s Vice President, Yemi Osinbajo in an attempt to fix the situation, has reached out to FinTech specialists, to explore innovative ways to navigate crisis affecting the Nigerian Fintech. Mr. vice-president is urging regulators, banks, fintech specialists, and other money agents, to work together and fight these issues plaguing our country at the moment.
All these suggestions were made on the hills of a meeting hosted at the presidential villa, between President Muhammadu Buhari and Nigeria’s All Progressiveness Congress (APC) governors.
He also observed the suggestions from participants of the meeting as he reached out for their assistance and they offered to give their professional expertise to the government, to fix the current issues with payment in Nigeria.
Participants also made suggestions concerning the reduction of USSD fees & data costs, removal of floor prices by regulators, and cutting of some of the technical procedures.
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