Cashless policy still a dream – Osadare

By William Jimoh

The Corporate Treasurer, Nigeria Bottling Company, Rotimi Osadare has said that the Central Bank of Nigeria, CBN’s cashless policy initiative is still a dream following  countless challenges militating against the policy.

Speaking at the 4th Annual EuroFinance Conference on “Treasury, Risk and Cash Management in West Africa” recently in Lagos Osadare noted that he arrived at this conclusion after considering the level of awareness, the quality of service and other issues like e-theft to mention but a view.

According to him, having his company is covering every state of the federation with about 80 per cent of its sales coming from cash payment

He said, “We work closely with the grass root communities and deal largely with both illiterate and semi-illiterates several of who do not have bank accounts; we sell in some other remote locations where there are no banking services  in such a situation it is not possible for this customers to adopt the policy.”

“Even here in Lagos many of the customers are not willing to adopt it, when they buy a products worth millions naira; they prefer to pay you with cash rather than making use of e-payments, and when you encourage them to save they will be considering the small money that will be deducted from their money so with that they will rather sleep with their money regardless of the risk.”

“We are encouraging our buyers to open current accounts, just because we believe that it is going to enhance the policy. Not that we open it for them or gave them money but we make them to see the benefits of adopting the policy.”

Speaking further, he said, “Dealers wherever they may be, must embrace banking culture by starting to bank their proceeds as well as making payments daily for it is only then that we can achieve satisfactory results out of the policy.”

In addition, Osadare said the challenges are not only from buyers but also regulators who he said need to improve on the quality of service that is been provided for the masses.

“If what the regulator is doing is on e-payment and transaction, then let them focus it, people that have shown interest in the cashless system is many a time discouraged because of the poor quality of the service.”

“I have registered for my mobile money but I am not having anybody to transact with, this is another issues that need to be giving proper attention so as to better the lot of the masses for adopting the policy,” he maintained

In his own view, the Head of E-business, Stanbic Bank, Nigeria Thabo Makoko maintained that in the recent times, there has been an increase in the number of companies that are engaging in e-business, adding that with available data from their customers it is also reveals that more customers are now making e-payment.

“The more we are giving credit cards the more Customers keep asking for it this is an indication that we are making progress. CBN is really doing a lot to ensure that pricing of these transactions are regulated.”

Makoko maintained that in other to get the cashless policy wok, it will require special effort from the regulator, the masses as well as the government.

“ We must all work together to ensure that it works because it is the way to go, it is also the right focus for the presently for the central bank and the commitment on the part of the banks is to work with all our partners to ensure that this dream come through,” Makoko added.