Vice President Kashim Shettima has called on Nigerian Deposit Money Banks (DMBs) to ensure seamless access to Naira notes for the public, emphasizing its importance in promoting financial inclusion. He made the appeal during the 2024 Bankers’ Committee Retreat in Abuja, where he was represented by his Special Adviser on Economic Affairs, Tope Fasua.
Shettima expressed concerns over cash scarcity and its adverse effects on Nigerians, particularly citing unwholesome practices by some Point of Sale (PoS) agents. He highlighted issues such as excessive charges and exploitation by rogue agents, which have hindered efforts toward financial and economic inclusion.
He urged the committee to address these challenges promptly, stating, “Nigerians complain bitterly that they are unable to access even minimal cash when most needed. This has created a moral hazard with some street-side PoS merchants exploiting the situation.”
Shettima also called for more robust initiatives to support Micro, Small, and Medium Enterprises (MSMEs) and encouraged the banking sector to bolster consumer credit availability to aid economic growth. Acknowledging the dominance of Nigerian banks in the West African region and beyond, he urged continued excellence and innovation in the sector.
Referring to Prof. Ricardo Hausmann’s concept of capability development, Shettima highlighted banking as an area where Nigeria has excelled. He encouraged the sector to leverage its strengths and use technology to export its comparative advantages globally.
He concluded by urging collaboration between banks and the Federal Government to address pressing challenges while fostering a culture of innovation and inclusivity in financial services.
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