Nigerians have continued to lament failed online banking transactions owing to the Central Bank of Nigeria’s cashless policy implementation.
Financial experts, economic groups and many other Nigerians have not hidden their disdain for the haphazard, chaotic implementation of the cashless policy by the CBN.
Recently, the Nigerian Economic Summit Group (NESG), Lagos Chamber of Commerce and Industry, LCCI, and the Centre for the Promotion of Private Enterprise, CPPE, have stated that the country’s banking system, from unfolding realities, is unprepared for cashless policy.
CBN on its part has been rigid on the call for Nigerians to embrace alternative banking.
For many banks’ customers, the incessant failed online transactions characterised their problems.
Mr Jeremiah Ojo, a commercial bank customer said he complained and did everything to get a refund of his failed online banking transaction but nothing had been done.
“GTB, what is happening to these transactions? I have complained, filled the escalation form, sent email to customer care, chatted your helpline on WhatsApp and have exhausted all the available avenues since 10 February, 2023, yet nothing has been done,” he said.
Rebecca Oluwadare, a bread seller in Abuja, said that apart from the fact that the cashless policy of the Federal Government has really affected her business such that her sales had dropped significantly, the uncooperative internet banking has also not helped matters.
She said, “Sometimes, my customers will try to make payment with their phones but the transaction won’t go through. At times, you may not get this money until the following day(s). As I speak, I still have about four of my customers who said they had transferred their money to me since morning and eight hours after I have received no dime. This is why the Federal Government should either suspend this policy or make the new Naira notes available, it is really hurting business”.
Benedicta Omokhan said, “I would not have opposed this cashless policy so strongly if the online transaction had gone seamlessly but it is not. I am still waiting for the two payments my customers made yesterday. This policy is really killing business owners, it should be scrapped”.
CBN introduced the cashless policy stating that it would address inflation; however the implementation has continued to bring pain to Nigerians.
Nothing is working in this country. We are not yet mature for the cashless policy. I spent almost 30 minutes just to make a transfer of N900 for the purchase I made some days ago as it kept on declining. The USSD platform of almost every bank in Nigeria is overwhelmed and down right now. POS is also a no go area. My money is still hanging for a transaction I made at the beginning of this month.
Fraudsters are also sabotaging the policy as many provision stores are rejecting it for fear of receiving fake alerts.