Vice President Kashim Shettima has urged Deposit Money Banks (DMBs) to ensure customers can access cash, addressing growing concerns over cash availability in the banking sector.
Speaking at the 14th Bankers’ Committee Annual Retreat in Abuja on Friday, Shettima, represented by his Economic Adviser, Dr. Tope Fasua, stressed the importance of tackling pressing issues in the financial sector to promote economic inclusion.
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“Nigerians complain bitterly that they are unable to access even minimal cash when most needed,” he said. “There seems to have been some moral hazard and adverse selection problem with the involvement of street-side POS merchants. Nigerians complain about high and arbitrary charges and exploitation by rogue agents, which we are sure you will be able to tackle with concerted efforts.”
The vice president called on banks to prioritize support for Micro, Small, and Medium Enterprises (MSMEs) and to promote consumer credit culture to drive economic growth.
“We need more initiatives towards the financing of MSMEs, and we urge you to continue to support the efforts of the federal government in the area of consumer credit culture,” Shettima added.
Highlighting the global success of Nigerian banks, Shettima commended their expansion efforts, particularly in the West African region and beyond. He referenced the recent opening of Nigerian bank branches in France as evidence of the sector’s strength.
“Nigerian banks have shown dominance in the West African region and beyond,” he said. “Banking is one sector we have excelled at over the years. It is therefore a valid strategy for you to consolidate upon, as you continue to excel.”
Shettima also called for greater adaptability in response to the evolving financial landscape, emphasizing the importance of innovation and risk management. He noted the growing influence of fintech, neobanks, and decentralized finance as significant changes the banking sector must address.
In his remarks, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, acknowledged the challenges facing the country, including poverty, inflation, insecurity, and unemployment. However, he expressed optimism about the future, citing progress made through collaborations between the government and private sector.
“In recent times, we have witnessed significant strides made by both government and private partners in leveraging the immense opportunities before us to rewrite our nation’s story,” Cardoso said.
He called for focused efforts, innovation, and collaboration to address the nation’s challenges, urging participants to explore solutions to key issues such as improving the business environment, closing skill gaps, and fostering innovation.
Cardoso posed critical questions to guide discussions at the retreat:
“What steps must we take to improve the business environment for all-large corporates, SMEs, and others? How can we better leverage public-private partnerships for infrastructure development? And, crucially, how can we reinforce our social contract with the Nigerian people to build a more inclusive economy?”
The annual retreat brought together key stakeholders to deliberate on strategies for strengthening Nigeria’s financial sector and achieving sustainable economic development.
