Vice-President Kashim Shettima has called on banks to tackle the ongoing cash shortages affecting automated teller machines (ATMs) and point-of-sale (POS) systems in Nigeria.
During the bankers’ committee retreat held in Abuja, Shettima expressed concern over widespread complaints from Nigerians regarding the lack of cash availability at ATMs, emphasizing that this scarcity hinders efforts toward achieving financial and economic inclusion.
Represented by his special adviser on economic affairs, Tope Fasua, Shettima urged financial institutions to confront unethical practices among POS operators that contribute to the cash shortage.
“I would like to take this opportunity to strongly encourage the committee to urgently address significant challenges within the sector that are obstructing financial and economic inclusion efforts,” Shettima stated.
“Nigerians are voicing their frustrations about being unable to access even small amounts of cash when they need it the most.”
He pointed out issues such as moral hazards and adverse selection related to some street-side POS merchants, which exacerbate the cash access problem.
“People are also facing high and arbitrary fees imposed by unscrupulous agents, and I am confident that you can address these concerns through collective efforts,” he added.
In highlighting the global reach of Nigeria’s financial sector, Shettima noted the recent openings of branches by Nigerian banks in France, showcasing the country’s financial institutions’ international presence.
