Vice President Kashim Shettima has known as on the Central Financial institution of Nigeria and business banks to urgently deal with the rising issues surrounding excessive and arbitrary prices imposed by Level-of-Sale operators, which he described as an obstacle to monetary inclusion in Nigeria.
Represented by the Particular Adviser to the President on Financial issues, Dr Tope Fasua, the VP mentioned this in a speech delivered on the 2024 Annual Bankers’ Committee Retreat held on Friday in Abuja.
Shettima decried what he known as the “ethical hazard” and “opposed choice” points related to POS retailers who’ve been accused of exploiting clients with extreme transaction charges.
Many Nigerians have been complaining concerning the excessive POS prices, which have turn into a supply of serious monetary pressure, particularly throughout emergencies.
The VP, nevertheless, known as for speedy regulatory motion to curb such exploitative practices, urging the CBN and banks to step up efforts to make sure that POS prices are honest, clear and cheap.
He mentioned, “We would wish to take this chance to enchantment strongly to the committee to urgently clear up thorny points within the sector, a few of that are impeding the efforts at monetary and financial inclusion.
“Nigerians complain bitterly that they’re unable to entry even minimal money when most wanted. There appears to have been some ethical hazard and opposed choice issues with the involvement of street-side PoS retailers.
“Nigerians complain about excessive and arbitrary prices and exploitation by rogue brokers which we’re positive it is possible for you to to sort out, with concerted efforts.”
The VP additionally known as on the banking sector to do extra to help Micro, Small and Medium Enterprises, which play a vital function within the nation’s financial development.
He inspired banks to extend their involvement in financing MSMEs whereas persevering with to help authorities efforts in constructing a strong shopper credit score tradition.
Shettima identified that lots of the main financial transactions within the nation have been facilitated by banks, and their development is straight linked to the broader financial progress.
The Vice President additionally spoke concerning the formidable reforms being undertaken by the federal government beneath President Bola Tinubu’s administration, together with the unification of the Naira trade fee, the elimination of gas subsidies and the continuing tax reforms.
Shettima acknowledged the difficulties these adjustments have introduced however harassed that they have been mandatory for Nigeria’s long-term financial stability.
He urged Nigerians to stay affected person as these reforms take maintain, pointing to early indicators of progress, such because the rise in non-oil exports and the nation’s commerce surplus in current quarters.
In his opening deal with on the retreat, the CBN Governor, Olayemi Cardoso famous that whereas Nigeria faces quite a few challenges, akin to rising inflation, poverty, and unemployment, constructive strides are being made by each the federal government and personal sector.