Cash shortage reveals weakness in electronic payment channels, says ICAN
As Nigerians grapple with the reality of the new naira note policy, the Institute of Chartered Accountants of Nigeria says the cash challenge has exposed the weakness of the country's alternative financial payment system.
As such, the institute has advised banks, fintechs and telecom companies to increase investment in their alternative and digital payment platforms.
ICAN made this known in a statement made available Saturday PUNCH Friday.
ICAN said: "The current cash challenge has exposed weaknesses in our alternative financial payment solutions. As a result, we encourage depository banks, telecom and fintech companies to invest more in their systems and processes to improve the quality of their services in the Nigerian economy as soon as possible”
Still speaking of the challenge, ICAN explained that the glaring effects of the policy on businesses and other financial transactions have been further compounded by fuel supply issues across the country.< /p>
"You will recall that ICAN, in pursuit of its public interest mandate, published its Naira Recast Policy Position Paper in December 2022 and made some recommendations for its successful implementation," the institute said.< /p>
The institute reiterated its commitment to "engage the government and other key stakeholders to quickly resolve the crisis. In the meantime, we passionately appeal to the public to view the current situation as a passing phase of our journey to national prosperity.”
Please share this story:
As Nigerians grapple with the reality of the new naira note policy, the Institute of Chartered Accountants of Nigeria says the cash challenge has exposed the weakness of the country's alternative financial payment system.
As such, the institute has advised banks, fintechs and telecom companies to increase investment in their alternative and digital payment platforms.
ICAN made this known in a statement made available Saturday PUNCH Friday.
ICAN said: "The current cash challenge has exposed weaknesses in our alternative financial payment solutions. As a result, we encourage depository banks, telecom and fintech companies to invest more in their systems and processes to improve the quality of their services in the Nigerian economy as soon as possible”
Still speaking of the challenge, ICAN explained that the glaring effects of the policy on businesses and other financial transactions have been further compounded by fuel supply issues across the country.< /p>
"You will recall that ICAN, in pursuit of its public interest mandate, published its Naira Recast Policy Position Paper in December 2022 and made some recommendations for its successful implementation," the institute said.< /p>
The institute reiterated its commitment to "engage the government and other key stakeholders to quickly resolve the crisis. In the meantime, we passionately appeal to the public to view the current situation as a passing phase of our journey to national prosperity.”
Please share this story:
What's Your Reaction?
