Cash shortages expose the weaknesses of e-payment channels – ICAN

The Institute of Chartered Accountants of Nigeria says the cash-in-hand challenge has revealed the country’s alternative financial payment system’s weakness as Nigerians grapple with the reality of the new naira note policy.

As a result, the institute advised banks, fintechs, and telecommunications firms to increase their investment in alternative and digital payment platforms.

ICAN made this clear in a statement released to Saturday PUNCH on Friday.

“The current cash-in-hand challenge has revealed the weaknesses in our alternative financial payment solutions,” according to ICAN. As a result, we encourage deposit money banks, telecommunications companies, and fintech firms to increase their investments in their systems and processes in order to improve the quality of their services in the Nigerian economy as soon as possible.”

Still speaking on the issue, ICAN stated that the policy’s obvious effects on businesses and other financial transactions had been exacerbated by nationwide fuel supply issues.

“You will recall that, in pursuit of its public interest mandate, ICAN published a position paper on the Naira redesign policy in December 2022 and made some recommendations for its successful implementation,” the institute said.

The institute reiterated its commitment to “engaging the government and other key stakeholders to promptly resolve the crisis. Meanwhile, we strongly urge the public to view the current situation as a temporary blip on our path to national prosperity.”

Written by Tosin Adejuyigbe

Tosin is an experienced author, writer, and content creator with a proven ability to generate innovative ideas and problem-solving solutions. She enjoys reading, listening to music or podcasts, and watching intellectual movies.

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