As we all know that The Central Bank of Nigeria (CBN) introduced a new policy on cash-based transactions few days ago which stipulates a “cash-handling charge” on daily cash withdrawals or deposits that exceed N500,000 for individuals and N3 million for corporate bodies. The policy is to increase the use of technology in financial transactions the pilot scheme has begun in Lagos. It is known as ‘cashless’ policy.
The policy is called 'mobile wallet' in some contries, which is an alternative payment method that allows a consumer to use mobile phone to pay for a wide range of services. I am not saying it not a good idea like other counties call it mobile wallet. The problem is with the banks and not the citizens.
Some days ago, I went to a bank I bank with and was given a withdrawal slip for N1000 which was formerly N2oo all the name of encouraging cash-less system. All this happened because of my expired ATM. I wasn’t even sent a message from this bank stating the new policy or the new withdrawal slip cost N1000. N1000 is just too much for them to collect. Banks should be considerate in times like this. Even as it is not easy on them it is not also for us citizens to adjust. Not to mention how some these banks steal from us all in the name of charges. CBN should look into how banks treat their costumers and guarantee us the costumers that our money will be safe as we won’t be coming to our banks for withdrawal except an urge amount.
According to the CBN, the cash-less system became necessary to promote the use of electronic means of transaction aimed at making Nigeria a cashless economy. Cash-less or no cash-less, we the citizens do not trust these banks in a policy like this. Even as we still visit our banks occasionally, some of them still tamper with our savingsas they deduct from it stylishly.
The question is, how are we sure that our money will not be tampered with when we have to make use of our ATM card's always?
I hope to see this country as cash-less system.
JANET OMOLARA JIYA (CALEB UNIVERSITY IMOTA, LAGOS)