Vice President Yemi Osinbajo has expressed worry over the cash swap policy and called for a more humane way of its implementation.
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Osinbajo, who expressed his concerns at the difficulties being faced by the people in getting the new Naira notes, also said people needed cash daily for transactions, noting further that most commercial activities in the country were informal.
According to a release by his spokesman, Laoku Akande, the Vice President said this yesterday at a virtual meeting with some players in the Fin- Tech space, exploring possible ways of mitigating the hardship.
Specifically, he urged regulators and the banks to deploy more FinTechs and money agents to the hinterlands to address the worrying situation.
According to the him, “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.” 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, not just some of them, in order to reach the farthest places in the country.
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