…Edo Residency Card, Authorised POS Terminals, Others, to Ease Payment Process.
By Godspower Eguasa
The Edo State Governor, Mr. Godwin Obaseki on Monday, met with the Director, Risk Management, Central Bank of Nigeria (CBN), Mr Blaise Ijebor and other executives of the apex financial institution to resolve the lingering crisis of cash scarcity affecting residents in the State.
Mr Obaseki while briefing newsmen on the outcome of the meeting held at the Government House, Benin City, on February 6, 2022, expressed great concern over the sufferings inflicted on residents of the State due to the scarcity of currency notes in the economy. He encouraged Edo residents to embrace the cashless policy being implemented by the Federal Government, noting that technology in the financial sector has made other avenues available to complete transactions.
Obaseki said: “This morning, I had to invite the Central Bank and the Senior management of all the Banks in Edo State to come and meet with me in Government House because the government is very concerned about the plight and suffering of our people who are very worried and concerned over inability to get cash from the banking system in Edo State.
“Haven deliberated and discussed extensively with the Central Bank and the Bankers, we have come to the following resolutions: first, the policy of moving the Nigerian economy to one of a cashless system should be encouraged. It is the best thing for our baking system. So, the Edo State Government has no problem with the policy of the Federal Government to move our economy to a cashless point.
“However, we want to make sure we do this as seamlessly as possible. We have to improve communication with our people so that we can reduce their fears. When people go to the banks to collect cash, it’s because they want to spend the cash on some things. We want to inform them that they don’t need to go and collect cash to spend cash, they actually have other means today through which they can make these payments without going to the banks to collect cash”.
According to Obaseki; “Most people who have bank accounts and have funds, don’t need to go to the banks, they don’t need to collect cash, from their phones they can make whatever payments they need to make to whoever.
“For those who don’t have sophisticated phones, they have like the pure water phone, they can still with the USSD code given by their banks, pay for things as small as N500, N1000, without spending cash.
“Also, there are companies that offer electronic wallets, the Central Bank has registered quite a lot of them, the telephone companies, all of them, they have means where you can put money in your wallet in your account and from there you can spend.
Obaseki while unveiling ongoing plans by the state to identify, monitor and leverage the services of authorized POS terminal operators in the State to ensure a seamless process in the provision and circulation of funds across all parts of the State, noted that the State is intensively working with the CBN on the roll-out of the Edo Residency Identity Card to ease payment processes as the card, just like other financially enabled cards like the bank ATM card, can allow residents access financial transaction without any challenge.
Obaseki said: “We have people who are operating POS Terminals and tomorrow when they have a press conference, we would give you a list of everybody who has a POS terminal in Edo State that has been licensed to operate POS terminal. POS terminal operators are not only supposed to give cash, they are supposed to help you with payments.
“So, when you go to your POS terminal operator, don’t go and ask for cash, let them do for you what you want to use that cash for. Whether it’s to transfer, it’s to make any payment, you don’t need to collect cash.
“Finally, the Edo State Government as you know, we have launched our residency identity card and that card also gives you the capacity to make payments. We are working very closely with the Central Bank and by next week, we would be ensuring that we continue with the full rollout of the Edo State ID card to help Edo indigenes ad Edo residents.
He added: “We must insist to people who are selling that we can pay them with other means outside of cash because that cash is in your bank and the whole purpose of financing is how to move money from one place to the other. They don’t have only one means which is cash for moving money, you can use many other means today.
“So, I think that is the lesson, that is the main outcome and we are going to join the CBN and the Bankers committee to go round and inspect what is going on and we are going to have lines open to citizens to let us know what is going on and what challenges they are having so that we can continue to respond until things get to normal.
“Edo is a peaceful State, we understand that some people are trying to make trouble, but there is no need to make trouble, let us all join hands to resolve the problem that we have at hand. Nigeria is ours; it is our responsibility to make sure that we protect, and defend our country.” he concluded.
