Shettima Urges Banks to Address Cash Scarcity and Boost Financial Inclusion

Vice-President Kashim Shettima has urged banks to address the ongoing cash shortages at ATMs and point-of-sale (POS) terminals, stressing that the issue is hindering financial and economic inclusion in Nigeria. Speaking at the Bankers’ Committee Retreat in Abuja on Friday, Shettima, represented by his Special Adviser on Economic Affairs, Tope Fasua, emphasized widespread public complaints about the lack of access to cash, especially when it’s most needed.

He also raised concerns over the exploitative practices of some POS operators, urging the committee to tackle high charges and rogue agents that exacerbate the crisis. “These issues must be addressed urgently to ensure better service for Nigerians,” He said.

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The Vice-President also applauded the global expansion of Nigerian banks, citing the recent openings of branches by United Bank for Africa (UBA) and Zenith Bank in France as proof of Nigeria’s growing financial influence.

Shettima encouraged Nigerian banks to leverage technological advancements and adapt to the rise of fintechs and decentralized finance, noting that the banking sector is undergoing rapid transformation. He also highlighted the positive impact of recent monetary reforms, including a trade surplus of $4.5 billion in Q2 2024, driven by non-oil exports and a focus on local production.

In his closing remarks, Shettima urged banks to continue supporting the growth of micro, small, and medium enterprises (MSMEs) and to strengthen Nigeria’s consumer credit culture.