Naira Woes: Deploy More Money Agents, Osibanjo Tells Banks

osinbajo

Worried by the difficulty experienced by Nigerians in getting the new naira notes, Vice President Yemi Osinbajo, on Friday, met with some players in the FinTech space, exploring possible ways of mitigating the hardship.

Osinbajo

Specifically, he urged regulators and the banks to deploy more FinTechs and money agents to the hinterlands to address the worrying situation.

READ ALSO: IG Orders Arrest, Prosecution Of Naira Notes Racketeers

“You need cash to pay for transport. For instance, in Abuja how do you take ‘drop or along’ or use a Keke NAPEP without cash, or buy foodstuff on the road or in canteens, or even buying recharge cards?

“Parents with kids in public schools give money daily to their children for lunch, most commerce is informal, so you need cash for most things,” Osinbajo was quoted as saying in a statement by his spokesman, Laolu Akande.

READ ALSO: Man Reportedly Slumps, Dies In Bank While Waiting To Withdraw New Naira Notes

During the interactive session with a number of FinTech investors and ecosystem players, the vice president said that the Central Bank of Nigeria and the commercial banks should work with all FinTechs that have mobile money agents in order to reach the farthest places in the country.

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Photo Credit: Getty 

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