Stella Karimu (not real name) 38, is an upwardly mobile executive who enjoys embracing the latest trends. But she had a less than pleasant experience recently when she decided to experiment with the idea of the e-payment system while shopping at one of the marts in Lagos Island.
“I went to a supermarket over the weekend to purchase some items on the Island and decided to use my debit card to pay through the Point of Sale (PoS) machine. It was terrible, as my account was debited and the mart was not credited. I had to go back to withdraw on my ATM to pay the supermarket. It took four days to get my money back after filling a form at the customer centre (at her Bank).”
Although apex bank, Banker’s Committee and Electronic Payment Providers Association of Nigeria have facilitated publicity campaign in the length and breadth of Lagos, this short anecdote aptly sums up the frustration of some Nigerians over the planned implementation of the cashless policy scheme by the Central Bank of Nigeria.
During a recent sensitization workshop in Ikeja, the capital city of Lagos, Electronic Payment Providers Association of Nigeria (E-EPAN) representative said that the agency have been going round major market clusters in Lagos metropolis to educate market women and men on the new policy on ‘Cashless Lagos.’
“Already, E-PPAN has carried out intensive awareness campaign at Ile Epo Market, Jakande Market, and Ojuwoye Market at Mushin, Agege Market at Oju Irin in Agege Pen Cinema and Katangora Market, along Lagos-Abeokuta Express Way, at Jakande Market, Ketu among others.” He said.
However, an interview with respondents on the street shows a mix feeling among Nigerians about the new policy.
While some commend it to be a laudable policy that would make banking easier, others point out the lapses in the timing of the implementation.
“Often times, we spend precious time on the queue in the bank, which we now be eliminated with the various facilities like the PoS, Internet and Mobile banking.” Says, Jide Ogunseye, a young Businessman.
Another Lagosian, an Entrepreneurs based in Pako, Ayobo area, Mofe Adeniran, agreed that it is welcome development for small-scale businesses in Nigeria. “I have a domiciliary account, operating e-payment products is not new to me. I am Internet friendly as I have a website where I market my products.” He said.
A Plywood trader who spoke in anonymity said, “I am not aware this e-payment products of the bank that they are introducing but we don’t have option if that is new direction of the government, we are bound to comply”.
Meanwhile, a banker in Ladipo area of Lagos, who would not like to disclose his identity said that the banks are ready and the facilities are in place for the e-banking system to kick off. But he said the main challenge is that the economy is not ready for such transaction because Nigeria is still battling with power and mobile network system, which are germane toward the successful implementation of the e-banking programme.
He said, “The banks are ever ready but what calls for worry is whether the economy is ready because the PoS machine that have been given out to churches, mosques, market women and institutions to bridge the gap of the e-banking products need to be powered by constant electricity supply, good network signals, reliable and an affordable internet access that would allow for smooth operation of the e-banking payments.”
Adding, “Some of our customers are responding to the alternative banking system but we have problem with social class and the literacy level of the people most especially at the rural areas who are used to transacting with the physical cash and are finding it hard to embrace the e-banking programme of the apex bank.”
In an interview with Mohammed Abdullahi, The Public Relation Officer of the Central Bank of Nigeria (CBN), he said that Central Bank of Nigeria is setting standard for the bank to ensure smooth operation of the e-payment. He said, “Although we are not the agency to provide network service or constant power supply, we will ensure that banks and other stakeholders comply with international best practice in the overall interest of Nigerians.”
“CBN in conjunction with Bankers’ Committee is working assiduously to roll out e-banking in Lagos. There are many challenges apart from power but all stakeholders including government and service providers are working hard to overcome them while the CBN has been providing the necessary leadership in that regards.”
About the Writer
Ogunlade Adeola is a freelance reporter with the Nation Newspaper, Lagos.
Image via Omg.com.ng
