Nigeria’s Vice President,
Professor Yemi Osinbajo (SAN) is heartbroken over the hardship posed by the new Naira notes scarcity on the citizens.
Osinbajo who met with some players in the FinTech industry on Friday, February 3rd, 2023 to explore possible ways of mitigating the hardship, lamented and said;
“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 buy 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.”
“It is disturbing that after depositing old notes, there are no new notes, people everywhere in the urban areas and rural areas simply have no money.”
“Some FinTechs have mobile money licenses and should be engaged immediately. Many of them have micro-finance bank licenses and already have a network of mobile money agents or human banks or human ATMs, as they are sometimes.”
“They can supervise by themselves. They can do currency swaps and open bank accounts.”
