Market News
Cashless policy: Take it easy on Nigerians, Emir Bayero cautions CBN - PUNCH
The Emir of Kano, Alhaji Aminu Ado Bayero, has cautioned the Central Bank of Nigeria and commercial banks to follow the cashless policy steadily in step-by-step for the people in the country to embrace and familiarize with the new change.
The monarch made the call on Tuesday when a team of the Bankers Committee of Nigeria headed by the CBN paid a courtesy visit to his palace.
Bayero said although the policy is good and will bring positive development to the country, it has plunged people into suffering because it was introduced in a rushed manner, urging that they should be patient with people to accept it especially in the rural areas.
According to the Emir, instead of rushing the policy, the banks should embark on public enlightenment and awareness about the positive changes they stand to get if they embrace the policy, adding that they should also listen to feedback from people as it will help them to succeed in the policy.
“People have suffered so much as a result of this policy. This is because people were rushed into it. So now that you are here, we advise that you should look into the challenges people are facing and consider reviewing the implementation process. Take it easy and steady for people. You cannot do this in a haste, people need time to accept and get acquainted with the policy.
“Every good change is like this; people hardly accept it at once. You should also consider people in the rural areas because they suffered the most during this hard time.”
He advised that the e-banking system should be improved as it also contributed to the challenges people are facing, adding that “You should liaise with the phone and SIM companies to ensure that the process is made easier for people.”
Speaking earlier, a deputy director of the CBN, who is also the team leader, Muhammed Hamisu Musa said the essence of the visit was to seek for the blessings of the Emir and also to urge him to enlighten the public to embrace cashless policy because it has come to stay.
The Deputy Director said the Bankers Committee encompasses all the MDAs of banks and the CBN and that they will embark on an enlightenment tour to markets to seek people to embrace the culture of cashless policy as it will benefit them the most.
“We know that culture change is not easy, that is why we are trying to take it gradually on people so that they will accept the policy. We are trying to bring out the benefit of the policy at least it will motivate them to accept the policy,” he said.
