Vice President Yemi Osinbajo, SAN, has raised worry about the problem Nigerians are having in obtaining the new naira notes.
The VP met with some FinTech players in Abuja on Friday to discuss various solutions to alleviate the burden.
To address the troubling scenario, Osinbajo encouraged the Central Bank of Nigeria (CBN) and banks to deploy additional FinTechs and money agents to the hinterlands.
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According to the Vice President, Nigerians require cash to pay for transportation, food, and other necessities.
“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”, he said.
After depositing old notes, there are no new notes, according to Osinbajo: “People everywhere in the urban and rural areas simply have no money.”
The country’s second-in-command saw that some FinTechs had mobile money permits and should be involved right away.
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He claims that many of them already have microfinance bank licenses and a network of mobile money agents, often known as human banks or human ATMs.
“They are capable of supervising themselves. They can exchange currencies and open bank accounts.”
President Muhammadu Buhari also met with certain All Progressives Congress (APC) governors at the Presidential Villa on Friday to discuss the nara shortages.
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