Cash shortage exposes e-payment channels’ weakness, says ICAN

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

As such, the institute advised banks, fintechs and telecommunication companies to ramp up investment in their alternative and digital payment platforms.

ICAN made this known in a statement made available to Saturday PUNCH on Friday.

ICAN said, “The current cash-in-hand challenge has revealed the weaknesses in our alternative financial payment solutions. Accordingly, we encourage the deposit money banks, telecommunication and fintech companies to ramp up investments in their systems and processes towards improving the quality of their services in the Nigerian economy in the shortest possible time”

Still speaking on the challenge, ICAN explained that the glaring effects of the policy on businesses and other financial transactions had further been compounded by the challenges in fuel supply across the nation.

“You will recall that ICAN, in pursuit of its public interest mandate, published its position paper on the Naira redesign policy in December 2022 and proffered 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. In the meantime, we passionately appeal to the public to consider the present situation a passing phase in our journey towards national prosperity.”

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