ACAMB empathizes with the Nigerian public on the unintended hardships being
faced in the process of the ongoing rollout of re-designed naira notes and
enhanced cashless policy. There is no doubt that the unintended constraints
in the withdrawal of old naira notes and circulation of new naira notes,
alongside the national policy to enhance cashless transactions, have had
UNINTENDED effects on the generality of the Nigerian populace.
Nigerian Banks have invested an estimated total sum in excess of N100
billion in setting up and maintaining cutting-edge electronic channels over
the past few years as part of ongoing commitment to seamless customer
experience and real time digital financial transactions. From internet
banking to mobile apps, Automated Teller Machines (ATMs), Point of Sales
(PoS) merchants, mobile wallets, Unstructured Supplementary Service Data
(USSD) codes, agents and digital franchises among others; not less than 80
per cent of Nigerians now enjoy one form of digital or cashless transaction
or another, powered by investments by Nigerian Banks.
These commitments by Deposit Money Banks (DMBs) have seen Nigeria rising
steadily and recognised as having arguably Africa’s most advanced digital
financial services industry and one of the world’s top 10 real-time payment
markets. It is a national pride and a proof of Nigerian Banks’ commitment
to customer service that Nigeria is regarded as having Africa’s most
digitized banking industry. Nigerian Banks remain committed to continuing
investments in seamless and secured digital banking that EXCITE customers
to voluntarily use and rely on the various digital and alternate PAYMENT
SYSTEMS available.
In view of its numerous benefits and the cutting-edge capability of the
Nigerian banking sector, ACAMB fully supports the enhanced cashless policy
championed by the Central Bank of Nigeria (CBN). The entire banking sector
is working with the apex Bank and other stakeholders to urgently address
constraints in the implementation and ensure that Nigerians suffer no
untoward pains in the transition process.
Nigerian Banks are currently working with the CBN to ensure that customers
have access to cash through ATMs and other channels as well as
Over-The-Counter (OTC) in the banking halls. ACAMB AFFIRMS without any
equivocation that Banks are not in any way hoarding or holding back naira
notes or engaging in any act inimical to our avowed commitment to exciting
customer experience. ATMs are being loaded every day and cash is being paid
as provided by the CBN, as regularly being checked by CBN Inspectors and
other regulators including anti-graft agencies.
In the past few hours, Banks have taken additional measures to quicken the
flow of naira notes. These measures, among others, include deployment of
extra technical supports for online payments, additional security at ATMs
to ensure all-clock usage, technological back-up to reduce online downtime
to the barest minimum, additional staff deployment to counters to attend to
cash transactions and timely interbank and inter-branch networking to
bridge any gap. We are confident that these measures, in addition to
efforts by the regulatory CBN, will result in greater ease of access and
cash liquidity. The Federal Government and the CBN have reiterated similar
readiness to address any constraint in the cyclical flow, including making
adjustments, where necessary. ACAMB urges Nigerian banking public to
exercise patience and not to resort to any untoward behavior against Bank
staff or banking facilities. Nigerian Banks, majority of which are publicly
quoted, are owned by millions of Nigerians and provide employment to
several millions of staff, who work 24/7 to ensure that the generality of
Nigerians have reliable and secured, globally competitive banking services.
The cashless policy is generally in line with the yearnings of the most
Nigerians for the elimination of corrupt practices in financial
transactions, adequate security and improvements in law enforcements and
general integrity of the wealth creation process. As shown by global
evidence, cashless policy helps in curbing crimes such as; kidnapping,
banditry and official sleaze, among others.
Cashless or digital transaction is also a boost to commerce and industry;
as well as public finance. It is noteworthy that digitization of public
finances of many states and at national level has led to phenomenal
improvement in REVENUE GENERATION, which form the basis of improved
infrastructural renewals Nigerians now cherish. It is also noteworthy that
all stakeholders agreed on the importance and advantages of the redesigning
of naira notes. The redesigning of naira notes safeguards the Nigerian
economy and the country’s sovereignty, by strengthening the nation’s
currency flow and control. We believe that ongoing concerted efforts will
address the constraints currently being experienced in the cyclical flow of
the new naira notes and the legal tenders generally.
Banks and customers are inseparable stakeholders as they exist for one
another. It is therefore, detrimental to the interest of the general
banking public to disrupt banking operations by untoward actions against
Bank staff or vandalisation of banking facilities. Nigerian banking
industry owes its global success as a leader in digital banking to its
enthusiastic customers and remains committed to do everything possible to
ensure customers continue to have delightful experience; in the banking
halls and across the electronic and other alternate channels. ACAMB
implores Nigerians to consider the big picture of the advantages of the
redesigning of the naira and enhanced cashless policy, and therefore
exercise patience, as stakeholders work to ensure normalcy. Customers must
demonstrate ownership of their Banks and eschew any act that could lead to
the disruption of banking operations or damage of banking facilities.
ACAMB shall continue to engage all stakeholders and stimulate effective
communications to foster greater understanding and forbearance.
God bless Nigerian Banking sector
God bless Nigeria.
Rasheed Bolarinwa, President, ACAMB
