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“It is far from perfect” – Banks’ customers fault cashless policy

By David Abellegah on January 7, 2013

The Central Bank of Nigeria (CBN) championed the cash-less policy last year but failed to lay a solid foundation for its institutionalization on the streets, although, some people have already imbibed the policy and are using it, especially in the Lagos metropolis, regardless of its untold limitations.

The Cash-less policy was designed by the CBN to meet international standards, ease transactions, as well as make transactions safer. On the contrary, investigations have shown that the policy is rather having hitches meeting customers’ expectations.

In Lagos, the policy has been functional and operational since last year and users in the area have faulted the system, saying the policy is far from efficient now.

A customer who regretted using the policy said, his money was wired to him in his presence but for five days now, he has not accessed the money neither has he seen it in his account.

The customer who spoke in confidence said, he went to the bank (name withheld) made a transaction with a friend who sold his car valued at N4m to a buyer. The money was transferred to the seller from his friends account online and the friend’s account was debited instantly in their presence but as at the time of this interview, the seller had not received any payments. “It is five days now,” he added.

Investigations have shown that many customers have gone down the same road using the policy. They have complained about the delay especially during the Christmas period, they said monies were debited from their payer’s accounts but not paid to them until several days after Christmas. “Well, they saved my money for me but I lost a lot of opportunities,” according to a customer.

Speaking on the development, when confronted, a media representative of one of the banks blamed the occurrences on equipment, saying the problems will be overcome soon.

Speaking on why the system was always able to debit but unable to pay, he said, “It was a general test that the business is struggling with and vigorously determined to work out. The problem is not only with this bank, it is a universal problem in the industry now but it will be well soon enough.”

Explaining the reason behind the lingering problem, The Central Bank of Nigeria’s (CBN’s) spokesman, Ugochukwu Okoroafor said the Cash-less policy is a new initiative so there are bound to be initiating problems but promised they will be resolved very soon.

On the same note he urged Nigerians to be patient, noting that there is no system free of errors. He however, lauded the process for making payments easier stating that the best was yet to come.

Meanwhile, a customer, Martins Obi urged banks to ensure best services to customers in order to boost financial inclusion.

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