Cash Scarcity: Shettima Charges Banks To Release Money

Vice President Kashim Shettima, has charged Deposit Money Banks (DMBs) to make cash available to their customers.

In an address at the 14th Bankers’ Committee Annual Retreat, in Abuja, this afternoon, the VP said that there have been complaints by members of the public of their inability to access even minimal cash at the banks.

Sen. Shettima who was represented by his Economic Adviser, Dr. Tope Fashua said, “We want 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.

“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.

“We need more initiatives towards the financing of MSMEs, and we urge you to continue to support the efforts of the federal government in the area of consumer credit culture.”

He urged Nigerian banks to keep up their expansion programmes beyond the shores of the nation Nigerian.

According to him, “Nigerian banks have shown dominance in the west African region and beyond.

“The concept of new capability development as propounded by Prof Ricardo Haussman of the Harvard Kennedy School, suggests that a country should try, using technology, to export capabilities that it sees as a comparative advantage.

” Banking is one sector we have excelled at over the years. It is therefore a valid strategy for you to consolidate upon, as you continue to excel. The recent opening of Nigerian bank branches in France is a good testimony in this direction.”

The VP urged to continue to deploy the cutting edge of risk management, and to develop robust responses to the changing face and pace of banking and finance, “which has greatly transmogrified in recent times, with the incursion of different types of FINTECHs, Neobanks, Agency Banks and other arrangements directed at improving financial inclusion, and even the implications of cryptocurrency and decentralized finance on banking as we know it.”

Welcoming members of the committee, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, told them that the retreat was taking place at a pivotal time for the nation.

He said, “As we gather here, we are acutely aware of the challenges that have tested our nation in recent years—poverty, rising inflation, infrastructure deficits, insecurity, and unemployment, among others.”

The CBN said, however, that the situation was not enrirely bleak, as according to him, “In recent times, we have witnessed significant strides made by both government and private partners in leveraging the immense opportunities before us to rewrite our nation’s story.”

He said that while progress had been made, it was evident that the road ahead remained long.

“The work before us requires focus, innovation, and unwavering resolve to reshape our collective future. This is why the theme of this retreat has been carefully chosen—to inspire deeper collaboration and renewed commitment as we strive to build a brighter future for ourselves and generations to come.”

He urged participants to engage in meaningful discussions, share insights and experiences, and explore bold solutions to the pressing issues facing the nation.

His words, “To set the stage, allow me to pose a few questions for us to consider:

* What steps must we take to improve the business environment for all—large corporates, SMEs, and others?

* How can we better leverage public-private partnerships for infrastructure development?

* What are the most effective ways to close skill gaps in our workforce?

* How do we foster an ecosystem that nurtures and supports innovation?

* And, crucially, how can we reinforce our social contract with the Nigerian people to build a more inclusive economy?”