Our reporter
Vice-President Kashim Shettima has called for strengthened financial practices to improve cash availability and economic inclusion in Nigeria. Represented by his Special Adviser on Economic Affairs, Tope Fasua, Shettima delivered his remarks at the 2024 Bankers’ Committee Retreat held in Abuja on Friday.
Addressing persistent complaints about limited access to cash, particularly from Point of Sale (PoS) agents, Shettima urged Deposit Money Banks (DMBs) to tackle irregularities within the system. He emphasised that cash scarcity is hindering financial inclusion, a cornerstone of the government’s economic development agenda.
“Nigerians are frustrated by high charges and exploitation by rogue PoS agents, which require immediate attention,” Shettima said, urging collaboration to restore public trust and improve service delivery.
The Vice-President also highlighted the need for expanded financing for Micro, Small, and Medium Enterprises (MSMEs), which are critical drivers of the Nigerian economy. He praised the banking sector for its regional dominance and urged continued innovation to maintain its competitive edge globally.
Discussing currency dynamics, Shettima remarked on the impact of the unification of the Naira exchange rate, noting a shift in consumer behavior. Reduced foreign spending and a boost in local production have positively influenced Nigeria’s trade surplus, which grew from $4 billion in the first quarter of 2024 to $4.5 billion in the second.
“These economic adjustments validate the government’s focus on diversification, with non-oil exports contributing significantly to a GDP growth rate of 3.46% in the third quarter,” he added.
Shettima further called on banks to embrace advancements in financial technology, risk management, and decentralized finance to remain resilient in the face of evolving global trends.
He concluded by urging the sector to continue fostering economic resilience and supporting policies that enhance local value creation and economic stability.
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