8th May, 2012
Some residents in Lagos on Monday said that poor enlightenment and lack of confidence in electronic transactions were threatening the success of the cash-less policy of the CBN.
They told the News Agency of Nigeria (NAN) in Lagos that the policy might fail as consumers preferred cash based transactions to the e-payment system.
They said the absence of sustained mobilisation of the business community, especially small- scale businesses, on the benefits of e-payment was affecting confidence building in the new system.
Mr. Harrison Owoh, the Managing Director of H.J. Trust and Investment Ltd., said that distrust was also affecting the policy.
Owoh, who runs a bureau de change, said that nobody had used the Point of Sale (POS) devices of four banks installed in his offices since March.
He said that consumers were conscious of safety of their funds and feared that their PIN numbers might be “hacked” by fraudsters.
According to him, the emerging security crisis in the country is contributing to the low acceptance of the policy in the state.
He urged the CBN, banks and other stakeholders to strengthen their enlightenment campaigns through existing channels of mass communication.
Mr. Wale Ogunsola, a sales assistant at Sweet Sensation, said that some customers were not accepting POS terminals in settling their bills one month after the take off of the policy.
He said that challenges like network failure and erratic power supply had made consumers to be afraid of double debiting of their accounts.
Another trader, Miss Bisi Popoola, said that there was need for the apex bank to simplify the procedure for easy understanding through enlightenment campaigns.
She advised that the problem of infrastructure should be addressed, saying that POS installed in her shop had not worked for a day.