By Alexis Uchendu
Vice-President, Kashim Shettima has issued a clarion call to Nigeria’s Deposit Money Banks (DMBs), to ensure the seamless availability of cash, emphasizing its critical role in advancing financial inclusion across the country.
Speaking on Friday at the 2024 Bankers’ Committee Retreat in Abuja, Shettima, represented by his Special Adviser on Economic Affairs, Tope Fasua, highlighted the pressing need to address cash scarcity and exploitative practices by some Point of Sale (PoS), agents.
“Millions of Nigerians struggle to access even minimal cash for essential needs, a situation compounded by rogue PoS operators imposing arbitrary charges,” Shettima stated.
He urged banks to intensify efforts to clear these bottlenecks, which undermine the government’s push for economic inclusion.
The Vice-President also spotlighted the dominance of Nigerian banks in West Africa and beyond, lauding recent achievements such as the establishment of Nigerian bank branches in France.
He urged the banking sector to build on this success by embracing innovative capabilities and leveraging technology to enhance global competitiveness.
Amid discussions on cash shortages, Shettima commended the sector’s role in strengthening the economy, citing significant gains in non-oil exports.
He noted that Nigeria recorded a $4.5 billion trade surplus in the second quarter of 2024, driven by a weakened Naira spurring export growth.
“The economic impact of the currency unification policy is clear.
“Exports have surged, foreign education dependency is waning, and local institutions are witnessing unprecedented growth,” Shettima said.
He called on banks to embrace the rise of FINTECHs, Neobanks, and decentralized finance while developing robust strategies to remain at the forefront of risk management in the evolving financial landscape.
“This is a defining moment for Nigeria’s banking industry to consolidate its leadership, not just locally but globally, while ensuring that no Nigerian is left behind in the journey toward financial inclusion,” Shettima concluded.
