Shettima urges banks to address Naira scarcity, PoS operators’ sharp practices

Vice-President Kashim Shettima on Friday urged banks to tackle the cash scarcity in the country.

Shettima made the call at the 2024 Bankers’ Committee Retreat in Abuja.

The Vice President, who was represented at the retreat by his Special Adviser on Economic Affairs, Tope Fasua, urged the committee to address the unwholesome practices by some Point of Sale (PoS) agents that impeded the availability of cash.

He described the cash scarcity as an impediment to financial inclusion.

Shettima said: “We would like to take this opportunity to appeal strongly to the committee to urgently clear up thorny issues in the sector, some of which are impeding the efforts at financial and economic inclusion.

“Nigerians complain bitterly that they are unable to access even minimal cash when most needed.

READ ALSO: CBN mentions high volume, panic withdrawals as causes of naira scarcity in parts of Nigeria

“There seems to have been some moral hazard and adverse selection problem with the involvement of street-side PoS merchants.

“Nigerians complain about high and arbitrary charges and exploitation by rogue agents, which we are sure you will be able to tackle with concerted efforts.”

He stressed the need for more initiatives on the financing of Medium, Small, and Micro Enterprises (MSMEs).

The Vice President urged them to continue to support the efforts of the Federal Government in the area of consumer credit culture.

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