One year after the Central Bank of Nigeria introduced the cashless policy in Lagos, it has decided to extend the policy to other states, including Abuja, Abia, Anambra, Ogun, Kano and Rivers. It is against this background that Globasure News Updates sampled the opinions of some Lagos Market women and these are their reactions.
Frozen foodseller—Mrs Oluwakemi Kushimo The policy has a lot of benefits for the people and the economy, and I think it should be embraced without fear. With the policy, it is mandatory for banks to confirm cheques of over N500, 000 to protect the interest of the person that issued the cheque. So for me, the policy is really helping us marketers because if you want to buy goods worth N1million you don’t need to go with cash. All you need is an e-Transfer. But the challenge is poor network. Sometimes you will have to stay in the bank for hours . But aside from that, the cashless policy is okay because even the company we buy goods from doesn’t collect cash.
Tomato seller —Mrs Fatima Oribamishe
It’s not that easy, but we are managing because sometimes these Hausa people don’t really like the idea of someone paying into the bank for them . So what we do is we look for the literate ones among them who have bank accounts, then we transfer from our account to theirs before they agree to sell to us.
So the cashless policy is good because we are no longer scared of travelling to the North to buy goods with cash, unlike before when we used to go with cash and sometimes some of us would get robbed on the way. But thank God for the new idea from government. At least our mind is now settled any-time we are going to buy goods.
Car dealer—Mr Olabisi Taiwo
We have been coping well, but the orientation has been very poor and we don’t know what to do about it. Imagine if a customer wants to buy a car and our company requires a customer paying in cash. The customer pays for more than three hours yet no alert to show for it. And probably the customer has been waiting, yet you cannot allow them take your goods worth millions if you don’t get the alert. The policy is okay but the orientation is poor.
But, basically, I would say I am not enjoying the policy because if after the buyer pays for more than three hours you don’t get proof, of course you know it is very risky to let your goods go . So it will be painful if the buyer goes away with the car and you don’t get money. So we are just trying to save ourselves from fraud by telling the buyer to give you time to confirm before taking the car away.
Car dealer —Mr Robert Nwaogu
Well… it has not been easy because we can no longer deal with cash. We now have to wait to get alerts before we can give our cars to buyers.But that doesn’t mean we don’t deal with cash because somebody from Abuja, Enugu or Aba would like to come with his money and we accept it. And at the same time we still accept online transfers, but the disadvantage is that it takes time before we get alerts and even sometimes people don’t pay at all. Some even pay us with bounced cheques.But generally the cashless policy is good because some of our colleagues have died as a result of armed robbery’s snatching their money so it’s good.
Wholesale cloth seller —Mrs Kudirat Yusuf
To me, naturally, it’s very risky to move around with huge amounts of money because doing that means risking my life. So the cashless policy is a good idea from the government because many people have been robbed as a result of moving around with huge sums of money to buy goods. It is helping us too. We now send money to the account of the company we buy clothes from and once they get the alert, the next thing they do is bring our goods to us. So the idea is okay and I will advise my co-marketers to buy into the idea too.