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Cashless Economy: MAN Battles CBN As Thieves Break Into Bayelsa State Deputy Chief Of Staff To The Governor’s Office

By Elizabeth Chukwuma

Officials of  Manufacturers  Association of Nigeria, MAN,  appear uncomfortable  with the planned implementation of the Cashless  policy   by the Godwin Emefiele led Central Bank of Nigeria, CBN, next year.  

Worried by  the  implication of the policy  to the survival of the Micro, Small and Medium  scale,MSMEs, Industries, regarded as the engine room  for growth of any economy and employment generation,  MAN , has asked the apex Bank to  think of ways to promote  the growth of the MSMEs instead of killing them. It was said to have urged the apex Bank  to think of other options to achieve its cashless policy rather the stock approach.

The problem between MAN and CBN , was said to have started last year  when the later  directed the Commercial Banks operating n the country  to charge on cash  deposits , in addition  to already existing charges on withdraws.  Note that the  Bankers Bank had  introduced 3% processing fees for individual accounts , withdrawals in excess of N5,00,000.00, and 5% for Corporate accounts withdrawal in excess of N3million.

Recall that Segun Ajayi-Kadir,  Director General, MAN ,has never hidden his opposition to the outrageous charges  meant to discourage withdrawals of  large  amount of money from the Banks  , insisting that option options should be adopted other than the cashless policy.

 Ajai-Kair anger was that the CBN , did not consult widely  or  presented  the policy to industry stakeholders  for proper analysis before taking a decision on its implementation in 2020. He insists that there must be adequate sensitization and explanation  for the rationale for the policy because of the inevitable hardship  it would impose on their businesses .

Given an insider information  why the policy was introduced  the Bank had said that it was  to drive the development and modernization of the country payment system in with  the vision 020 goal  economies  by 200. Recall that the apex Bank  governor had said that an efficient and modern payment system is positively correlated to development , noting that it is a key a key enabler to  for economic growth.

Moreso, the Bank  had said that ‘’the policy  aims to curb some of the negative consequences  associated with high usage  of physical cash in the economy . This is in addition to reducing the  cost  of  of Banking services  including cost of credit as well as well as providing more transactions option at greater reach.

Segun Ajayi Khadir: Director General, MAN

An aggrieved MAN Director General, lamented  that in initiating the cashless policy, the CBN , Leadership did not take into cognizance  of the existing  and long standing  charges on withdrawals.  He insists that there two options open to the CBN, to achieve the cashless economy  instead of increasing the hardship of investors. According to him,  rather than  introduce gains  for those  who embrace the policy  and punishment for those  who   did not, including those  operating  in genuinely large  cash- driven  economic activities, the CBN,  should think of other possible options from the many roads to the market.

Appealing to Emefiele and his Management Team to adopt  the  carrot approach in dealing with situation, he  disclosed that it is the only way  to implement the cashless  policy without failure.   The MAN helmsman is not yet sure that that e policy would survive because a lot of  work are still needed to done by the apex Bank  to  further sensitise the people on the  need  to embrace  it in their daily transactions.

The CBN cashless policy becomes very imperative because of a recent happening  Government House, Yenogoa. Bayelsa state  where thieves  were said to have broken into the office Mrs. Ebizi  Ndiomu-Brown, the Chief of Staff, of Seriake Dickson,  the People’s Democratic  Party, PDP, governor  of the state and carted away N3.5 million from the Safe , which was said to have been destroyed by the hoodlums.

 bUSINess analysts  believe that if  Mrs. Ndiomu -Brown , had kept  the Bank  and  conduct  all the government  House transactions through money transfer,  the Criminal elements could not have had  the courage  of breaking into her office as they knew they would see any cash. 

 Security watchers  believe that the thieves  may have been those  who were conversant with the operations of the  Government  House  and who knows that the woman  always keep cash in the office for running of the  Government daily transactions that could done that notwithstanding the tight security in the office environment.  

This is why all Nigerians, including MAN , must embrace the CBN, cashless policy to avoid such occurrence in the  future  in a Government House or  any business  premise.

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