Cash-less Lagos: We’ll address lapses -CBN •Bank customers groan over inability to withdraw cash from ATMs

Written by Odidison Omankhanlen
culled from: TRIBUNE

IN view of the hiccups bedevilling the cashless Lagos policy since it was introduced on January 1 this year, the promoter, the Central Bank of Nigeria (CBN), has said there is no cause for alarm as such initial hitches were not unexpected.

Speaking at a public forum in Lagos at the weekend, the Deputy Governor, Operations, CBN, Mr Tunde Lemo, said the apex bank, commercial banks and other partners were well prepared to address the lapses as they come.

"I don't want Lagosians to be discouraged because of these initial hitches. In agreement with our partners, we are ready to promptly address the issues as they arise. We really do not expect everything to be perfect on the first day. We will surely get there," he said.

He, however, expressed regret over the way some government agencies, such as the Nigeria Customs Service (NCS), were frustrating the policy, stressing that the NCS was largely responsible for the non- availability of POS machines for the cashless Lagos scheme as they were being held in the port.

According to him, the agency has classified POS terminals as "cash registers" and so it is demanding 20 per cent administrative charges on each terminal being imported by the commercial banks, and coordinated by the CBN instead of the usual five per cent.

Meanwhile, even before the commencement of the nationwide indefinite strike, rallies and mass protests, called by the Nigeria Labour Congress (NLC) and civil rights groups, bank customers are already feeling the impact as they could not access their funds at the weekend.

In most of the banks visited by the Nigerian Tribune in Lagos on Sunday, customers were seen looking dejected at the various automated teller machine (ATM) points as cash was unavailable.

In some of the bank's branches that have about five points, only one point was dispensing cash, a development that left the customers spending hours on the queue before effecting cash withdrawal.

One of the affected customers, who gave his name as Peju Adefila, said he had come to the bank for cash to enable him do some shopping because of the impeding strike but was disappointed as the ATMs were not functioning