₦airaland Forum

Vice President Kashim Shettima, has charged Deposit Money Banks (DMBs) to make cash available to their customers.

In an address at the 14th Bankers’ Committee Annual Retreat, in Abuja, this afternoon, the VP said that there have been complaints by members of the public of their inability to access even minimal cash at the banks.

Sen. Shettima who was represented by his Economic Adviser, Dr. Tope Fashua said, “We want to take this opportunity to appeal strongly to the committee to urgently clear up thorny issues in the sector, some of which are impeding the efforts at financial and economic inclusion.

“Nigerians complain bitterly that they are unable to access even minimal cash when most needed.

“There seems to have been some moral hazard and adverse selection problem with the involvement of street-side POS merchants.

“Nigerians complain about high and arbitrary charges and exploitation by rogue agents which we are sure you will be able to tackle, with concerted efforts.

“We need more initiatives towards the financing of MSMEs, and we urge you to continue to support the efforts of the federal government in the area of consumer credit culture.”

He urged Nigerian banks to keep up their expansion programmes beyond the shores of the nation Nigerian.

According to him, “Nigerian banks have shown dominance in the west African region and beyond.

“The concept of new capability development as propounded by Prof Ricardo Haussman of the Harvard Kennedy School, suggests that a country should try, using technology, to export capabilities that it sees as a comparative advantage.

” Banking is one sector we have excelled at over the years. It is therefore a valid strategy for you to consolidate upon, as you continue to excel. The recent opening of Nigerian bank branches in France is a good testimony in this direction.”

The VP urged to continue to deploy the cutting edge of risk management, and to develop robust responses to the changing face and pace of banking and finance, “which has greatly transmogrified in recent times, with the incursion of different types of FINTECHs, Neobanks, Agency Banks and other arrangements directed at improving financial inclusion, and even the implications of cryptocurrency and decentralized finance on banking as we know it.”

Welcoming members of the committee, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, told them that the retreat was taking place at a pivotal time for the nation.

He said, “As we gather here, we are acutely aware of the challenges that have tested our nation in recent years—poverty, rising inflation, infrastructure deficits, insecurity, and unemployment, among others.”

The CBN said, however, that the situation was not enrirely bleak, as according to him, “In recent times, we have witnessed significant strides made by both government and private partners in leveraging the immense opportunities before us to rewrite our nation’s story.”

He said that while progress had been made, it was evident that the road ahead remained long.

“The work before us requires focus, innovation, and unwavering resolve to reshape our collective future. This is why the theme of this retreat has been carefully chosen—to inspire deeper collaboration and renewed commitment as we strive to build a brighter future for ourselves and generations to come.”

He urged participants to engage in meaningful discussions, share insights and experiences, and explore bold solutions to the pressing issues facing the nation.

His words, “To set the stage, allow me to pose a few questions for us to consider:

* What steps must we take to improve the business environment for all—large corporates, SMEs, and others?

* How can we better leverage public-private partnerships for infrastructure development?

* What are the most effective ways to close skill gaps in our workforce?

* How do we foster an ecosystem that nurtures and supports innovation?

* And, crucially, how can we reinforce our social contract with the Nigerian people to build a more inclusive economy?”

Source: https://www.vanguardngr.com/2024/12/cash-scarcity-shettima-charges-banks-release-money/

This where we need the CBN action

But CBN said we should report any bank that's hoarding cash and refused to dispense either over the counter or at the ATM.

This one that VP is coming out to speak now is out of joblessness....

Shettima is saying the right things.

But why will cash be scarce?

Nothing person no go see for this country

Na only those who get money for bank go dey hope for the release of cash

Tens of thousands of POS agents scattered around the country are the cause of cash scarcity. They always empty ATMs to sell cash to us. I don't blame them though. Nobody created jobs for them, so they created one for themselves. Today, we are paying the price.

Why is cash scarce? Are some people doing their thing?

lol

Rubbish.

Really? Normally Vice President doesn't have such powers to charge anybody except in acting capacity

Again?

Cardoso a LAPO banker cum CBN governor. With his numerous policy somersaults this daft is hanging on to his job based on tribal configuration. There was a country.

Exp. N100 note.

As if they will hear 😒

Helinues dah monk:ey

Abeg come

Let’s celebrate dollars at 1500 first

SmartPolician:
Tens of thousands of POS agents scattered around the country are the cause of cash scarcity. They always empty ATMs to sell cash to us. I don't blame them though. Nobody created jobs for them, so they created one for themselves. Today, we are paying the price.

Many of them are kids

Kids do grow old in stupidity

Helinues is a living example

They are celebrating dollars at 1500 rice have spiked

helinues:
Na only those who get money for bank go dey hope for the release of cash

Jesus Christ

Dude how far you no get leaning Space for your brain !

We were just arguing in another political space ehh helinues.

Needed some cash last week in Abuja, went to Access Bank ATM but met some young gals in queue so I joined them. Each of them withdrawing with several Debit cards of different banks same time. I got frustrated after wasting an hour waiting for my turn and left in anger. Dem be POS gals

Dem full every ATM point in Abuja like this

simplemach:
But why will cash be scarce?

Nothing person no go see for this country

Every end of the year this thing always happens

Ewabokian:
Helinues dah monk:ey

Abeg come

Let’s celebrate dollars at 1500 first

has it come down from 1700?

Evil people

May we not experience what we went through in 2022 as a result of cash scarcity prior to 2023 general election.

TooMuchStuff:
Needed some cash last week in Abuja, went to Access Bank ATM but met some young gals in queue so I joined them. Each of them withdrawing with several Debit cards of different banks same time. I got frustrated after wasting an hour waiting for my turn and left in anger. Dem be POS gals

Dem full every ATM point in Abuja like this

na wa oh. The thing can be so fvcking frustrating

Lanre4uonly:
May we not experience what we went through in 2022 as a result of cash scarcity prior to 2023 general election.

the person that did that, where is he today?

How about us that have nothing in our accounts?
From the innermost part of my heart, I want to seek help to enable me survive. My strength has failed me. I've had nothing to eat in the last three days except coke and biscuit. Someone pls help .🙏

Tonytonex:
has it come down from 1700?

Yup
But da m ok monkey dah helinues don’t understand
Keep small ha 3k usd

I really want to see this monkeys reaction by April

Shettima still dey?

helinues:
Na only those who get money for bank go dey hope for the release of cash

How will you be a creditor, whereby being jobless, is your pride and chatting nonsense from one article to the other all day long as a troll?