ACAMB empathizes with the Nigerian public
on the unintended hardships being faced in the process of the ongoing rollout
of re-designed naira notes and enhanced cashless policy. There is no doubt that
the unintended constraints in the withdrawal of old naira notes and circulation
of new naira notes, alongside the national policy to enhance cashless
transactions, have had UNINTENDED effects on the generality of the Nigerian
populace.
Nigerian Banks have invested an estimated
total sum in excess of N100 billion
in setting up and maintaining cutting-edge electronic channels over the past
few years as part of ongoing commitment to seamless customer experience and
real time digital financial transactions. From internet banking to mobile apps,
Automated Teller Machines (ATMs), Point of Sales (PoS) merchants, mobile
wallets, Unstructured Supplementary Service Data (USSD) codes, agents and
digital franchises among others; not less than 80 per cent of Nigerians now
enjoy one form of digital or cashless transaction or another, powered by
investments by Nigerian Banks.
These commitments by Deposit Money Banks
(DMBs) have seen Nigeria rising steadily and recognised as having arguably
Africa’s most advanced digital financial services industry and one of the
world’s top 10 real-time payment markets. It is a national pride and a proof of
Nigerian Banks’ commitment to customer service that Nigeria is regarded as
having Africa’s most digitized banking industry. Nigerian Banks remain
committed to continuing investments in seamless and secured digital banking
that EXCITE customers to voluntarily use and rely on the various digital and
alternate PAYMENT SYSTEMS available.
In view of its numerous benefits and the
cutting-edge capability of the Nigerian banking sector, ACAMB fully supports
the enhanced cashless policy championed by the Central Bank of Nigeria (CBN).
The entire banking sector is working with the apex Bank and other stakeholders
to urgently address constraints in the implementation and ensure that Nigerians
suffer no untoward pains in the transition process.
Nigerian Banks are currently working with
the CBN to ensure that customers have access to cash through ATMs and other
channels as well as Over-The-Counter (OTC) in the banking halls. ACAMB AFFIRMS
without any equivocation that Banks are not in any way hoarding or holding back
naira notes or engaging in any act inimical to our avowed commitment to
exciting customer experience. ATMs are being loaded every day and cash is being
paid as provided by the CBN, as regularly being checked by CBN Inspectors and
other regulators including anti-graft agencies.
In the past few hours, Banks have taken
additional measures to quicken the flow of naira notes. These measures, among
others, include deployment of extra technical supports for online payments,
additional security at ATMs to ensure all-clock usage, technological back-up to
reduce online downtime to the barest minimum, additional staff deployment to
counters to attend to cash transactions and timely interbank and inter-branch networking
to bridge any gap. We are confident that these measures, in addition to efforts
by the regulatory CBN, will result in greater ease of access and cash
liquidity. The Federal Government and the CBN have reiterated similar readiness
to address any constraint in the cyclical flow, including making adjustments,
where necessary. ACAMB urges Nigerian
banking public to exercise patience and not to resort to any untoward behavior
against Bank staff or banking facilities. Nigerian Banks, majority of which are
publicly quoted, are owned by millions of Nigerians and provide employment to
several millions of staff, who work 24/7 to ensure that the generality of
Nigerians have reliable and secured, globally competitive banking services.
The cashless policy is generally in line
with the yearnings of the most Nigerians for the elimination of corrupt
practices in financial transactions, adequate security and improvements in law
enforcements and general integrity of the wealth creation process. As shown by
global evidence, cashless policy helps in curbing crimes such as; kidnapping,
banditry and official sleaze, among others.
Cashless or digital transaction is also a
boost to commerce and industry; as well as public finance. It is noteworthy
that digitization of public finances of many states and at national level has
led to phenomenal improvement in REVENUE GENERATION, which form the basis of
improved infrastructural renewals Nigerians now cherish. It is also noteworthy that all stakeholders
agreed on the importance and advantages of the redesigning of naira notes. The
redesigning of naira notes safeguards the Nigerian economy and the country’s
sovereignty, by strengthening the nation’s currency flow and control. We
believe that ongoing concerted efforts will address the constraints currently
being experienced in the cyclical flow of the new naira notes and the legal
tenders generally.
Banks and customers are inseparable
stakeholders as they exist for one another. It is therefore, detrimental to the
interest of the general banking public to disrupt banking operations by
untoward actions against Bank staff or vandalisation of banking facilities.
Nigerian banking industry owes its global success as a leader in digital
banking to its enthusiastic customers and remains committed to do everything
possible to ensure customers continue to have delightful experience; in the
banking halls and across the electronic and other alternate channels. ACAMB
implores Nigerians to consider the big picture of the advantages of the redesigning
of the naira and enhanced cashless policy, and therefore exercise patience, as
stakeholders work to ensure normalcy. Customers must demonstrate ownership of
their Banks and eschew any act that could lead to the disruption of banking
operations or damage of banking facilities.
ACAMB shall continue to engage all stakeholders and stimulate effective communications to foster greater understanding and forbearance.
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