Opinion/Feature
Fintech Companies Innovate Rapidly As Cashless Policy Deadline Closes In
In a bid to implement it’s cashless Policy, the Central Bank of Nigeria, changed the currency of the country which has led to scarcity of naira notes.
This has raised concerns among Nigerians, who are worried about the implications of the shortage as the old notes are set to cease to be legal tender by the end of 2023.
Biztellers spoke to a few Nigerians in Nyanya, Jikwoyi area of Abuja about their experiences with the new Naira notes so far.
A business owner said “I never see the new naira note again, na before wen money scarce I see d new naira note. Somedays sef I go sell and I no go see one new naira note. D money no dey at all”
Mr Paulinus a P. O. S operator said “it was only during the scarcity of naira notes I saw the new note but since they accepted both the old naira and the new naira, it’s only the old naira note have been withdrawing inside the bank and ATM”
Another POS operator said ” Since they accepted both the old and new naira note, the new naira note has not been in circulation ”
A Lawyer, Mr Daniel said “I have been unable to withdraw the new naira notes, but when the naira note was scarce at its peak, I pay like 1500 naira to withdraw 5000 naira but so far the price has reduce. Have not gone to the bank to withdraw but the few times have withdraw from POS, it’s been the old naira note. The new naira note has really not been in circulation.
“If December 31st is going to stand as the deadline for the old note to be legal tender, federal government should ensure the circulation of the new naira note. I think the new administration need to review the CBN policy or increase the deadline” He added.
Blessing a worker said “there have been few new naira notes so far and whenever I go to withdraw from POS and ATM, it dispenses old note. I only received the new naira note when I go to buy something and they give me the new note as change”
Another POS operator and also a business man said “d new note no just dey at all, since morning na only one person don use d new money con buy something 4 my hand. And for bank na old note dem dey give people”
If the shortage persists, it could lead to cash crunch in January 2024 when the old notes cease to be legal tender which could lead to another phase of chaos, protest and destruction of lives and properties as seen during the presidential and Governorship election.
Nigerian fintech companies have however, been taking innovative steps to promote digital payments in the country.
Global fintech brand, Unlimint, is set to launch its operations in the country. The company has received its Payment Solution Service Provider (PSSP) License from the Central Bank of Nigeria, authorizing it to operate as a recognized payment service provider in the country.
Unlimint’s entry into the Nigerian market could be a significant development for local businesses, as the company is expected to provide a wide range of payment services and methods that will help them expand their reach to a local and global audience.
Also, Touch and Pay Technologies (TAP), a fintech company in Nigeria has developed a state-of-the-art ticketing and booking system for interstate travel in Nigeria.
The system enables passengers to make digital payments for their trips, eliminating the need for cash transactions. This move towards digital payments is expected to improve service delivery and promote environmental sustainability.
TAP, in partnership with the Lagos state Ministry of Transportation, will accredit and vet all inter-city bus parks in the state, providing a unified system for regulating transportation routes, schedules, capacities, and prices.
The deployment of TAP’s digital payment solution and partnership with the Lagos state government exemplifies the potential for fintech companies to promote the government’s cashless policy and drive the adoption of digital payments in Nigeria.
Implementing a cashless policy in the country will not be an easy task looking at the high rate of illiteracy especially in the northern part of Nigeria and the unavailability of banks and network in some region of the country.
The Federal Government need not force or rush the implementing on the citizens but rather provide adequate facilities to ensure its smooth implementation. This cannot be put in place in space of months but rather it will take years to ensure a successful cashless policy.
Opinion/Feature
Downstream Deregulation: Between Obasanjo’s Half-measures And Tinubu’s Bold Leadership
Opinion/Feature
UNCOMMON SCHOLAR, EXCEPTIONAL ADMINISTRATOR: MY TRIBUTE TO PROF. OLOYEDE AT 70
By President Bola Tinubu
As Professor Ishaq Oloyede turns 70 tomorrow, October 10, I pay a special tribute to this astute administrator, educator, author, and scholar, currently the Joint Admissions and Matriculation Board (JAMB) Registrar.
As the former Vice Chancellor of the University of Ilorin, Prof. Oloyede’s invaluable contributions to the nation through academia and public-sector administration have significantly impacted the academic community.
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His impactful tenure at the University of Ilorin, during which he introduced landmark ideas and innovations that helped the institution attain enviable heights, is on record.
Through patriotic dedication and commitment to his craft, Prof Oloyede imparted knowledge and character to thousands of students who underwent his teaching during his glorious and impactful academic career.
Indeed, the bedrock of development lies in education. Developing nations, including Nigeria, are in dire need of more scholars like Prof. Oloyede. His selfless sacrifices and innovative approaches to learning and leadership give hope for a brighter future.
Perhaps more remarkable is Prof. Oloyede’s transformative leadership at JAMB. He pioneered and sustained a series of reforms and technological innovations that have made the admission process in Nigeria transparent and credible.
In his eight years of stewardship at the board, thus far, Prof. Oloyede has demonstrated an uncommon commitment to financial integrity and accountability in public service. He has also raised the bar in administration and management.
I am proud of Prof. Oloyede’s accomplishments.
The nation owes the Professor of Islamic Jurisprudence a debt of gratitude for transforming JAMB, traditionally a non-revenue-generating government agency, into a consistent contributor to the national treasury through efficient financial management. His contributions to JAMB are invaluable and greatly appreciated.
On this occasion of his 70th birthday, I join members of the academic community, students, JAMB staff, and well-wishers in celebrating this scholar who, in words and deeds, has also done a lot to propagate the Islamic religion.
I pray that Almighty Allah will continue to honour the distinguished professor with health, wisdom and strength to serve the nation for many more years.
Opinion/Feature
Clarification On NNPCL Refinery Operations
By Sen. Heineken Lokpobiri PhD
My attention has been drawn to statements made by Engr. Kamoru Busari, Director of Upstream in the Ministry of Petroleum Resources, who represented me at a recent conference in Lagos. I wish to categorically state that the claim that I directed the Nigerian National Petroleum Company Limited (NNPCL) to stop running its own refineries and focus solely on equity participation in other refineries is false. This does not represent my position as Minister overseeing the oil sector, nor does it reflect the stance of the Federal Government.
It is important to clarify that NNPCL is a company governed under the Companies and Allied Matters Act (CAMA), with a functional board and management. The Ministry of Petroleum Resources does not control or run NNPCL, as it operates independently like any corporate entity.
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The oil and gas sector is fully deregulated, and the Nigerian government remains committed to promoting in-country refining. We encourage companies, including NNPCL, to operate independently, following global best practices. While we provide strategic guidance, we do not interfere directly in the operations of these companies.
I reaffirm our commitment to supporting the growth and independence of NNPCL, ensuring that its operations are in line with international standards for efficiency and transparency and profitability.
Sen. Heineken Lokpobiri PhD, Minister of State Petroleum Resources (Oil), wrote from Abuja, Nigeria