By Michael Eboh
The Association of Cash Managers of Nigeria (ACMAN) has expressed its readiness to transform cash handling and cash movement activities in NigeriaÂ by using advanced security and world class facilities.
Speaking in Lagos, at an occasion heralding the launch of the Association, Mrs. Henrietta Vanni, President, ACMAN, stated that this is as a result of the high incidence of cash hijack on highways and the accompanying loss of lives and valuables.
She said, â€œNigeria is basically a cash economy where most transactions are consummated by cash. The relatively high degree of illiteracy especially in the rural areas, the poor infrastructure in terms of lack of electricity to power electronic transactions and the complete distrust by businessmen together with the cankerworm of corruption that pervades the society all contributed to the fact that cash is the preferable option for business transactions.
â€œThe cash option and the huge volumes of cash in circulation is not without its problems. Handling/sorting, processing of the cash is a major need that the banks (on their own) cannot handle along with their other core business, thus the need for professional organisations who are experts in Cash handling.
â€œAs in every economy where cash is the preferred mode of business exchange, Nigeria also is not spared the expected problem associated with movement of the huge cash in circulation from one point to the other.
The Nigerian situation is made worse by the unbridled and unaccounted guns and firearms in the country and in the possession of men of the underworld.
All of the above combine to present a picture of chaos and unbridled reign of men of the underworld which the public demand must be stopped at all costs.
â€œThat clamoured change must address the problems of Cash hijack on our highways and prevent the unnecessary loss of lives that accompany such hijacks.â€
Vanni noted that ACMAN is becoming increasingly relevant to the Nigerian economy, due to the increasing demand for currency and its diversification into handling and movement of Automated Teller Machinesâ€™ (ATM) cards, recharge cards and other documents that need to be secured against thefts and infiltration.
She noted that the launch which is scheduled to take place, April 16, 2010, in Lagos, will feature all operators, captains of industry, regulators and stakeholders in the cash industry among others.