Premium Essay

Cashless Nigeria

In:

Submitted By ozemedep
Words 1517
Pages 7
Until about four years ago, precisely January 2012, Nigeria was essentially a cash based economy. Then, the banks had to contend with high volume of transactions, which resulted in long queues at banking halls. The queues alone made banking difficult, to the extent that many Nigerians decided to remain unbanked.
However, with the introduction of cashless policy, which signaled the adoption of electronic banking, through Automated Teller Machine (ATM), Point of sale (POS) and others, the Central Bank of Nigeria (CBN) intended to bring banking hall and banking services close to the people, even in the comfort of their homes.
With the cashless policy, there were expectations of improved security, as it was intended to discourage movement of cash, and reduce traffic at the banking halls.
The policy has however not met these expectations, as queues refused to disappear. Some customers complained that the policy has limited their cash transactions, no matter the type of electronic transaction they use.
But competition in Nigerian banking sector has become intense, partly due to regulatory imperatives of universal banking and also due to customers’ awareness of their rights. Bank customers have become increasingly demanding; they require high quality, low priced, immediate service delivery and improved value from their chosen banks.
And in the face of all these complaints, some continue to shy away from all forms of electronic banking, like ATM, that are devoid of queue.
Findings show that queues have returned in banks where facilities are limited and cannot meet up with demand. Not too many bank customers can withstand the queues, yet they are reluctant to fully embrace the cashless policy.
CASHLESS NIGERIA
The Central Bank of Nigeria (CBN) under the leadership of Mallam Sanusi Lamido Sanusi (now the Emir of Kano) introduced a policy on cash-based transactions which

Similar Documents

Free Essay

Biv of Poop

...com/we-wont-negotiate-under-boko-harams-conditions-presidency/ Euronews, “Nigeria: Boko Haram call for peace with conditions”, council on foreign relations, 04/11 11:03 CET, http://www.euronews.com/2012/11/04/nigeria-boko-haram-call-for-peace-with-conditions/ Campbell , John. ” Boko Haram Offers Cease Fire Opportunity?” November 2, 2012 http://blogs.cfr.org/campbell/2012/11/02/boko-haram-offers-cease-fire-opportunity/ This day live(No author). “FG/Boko Haram: A New Peace Deal?” Nov, 11, 12 http://www.thisdaylive.com/articles/fg-boko-haram-a-new-peace-deal-/130283/ Walker, Andrew. “What Is Boko Haram?” May 2012, United States Institute of Peace, http://www.usip.org/publications/what-boko-haram ATTAH , GODWIN. GAMBRELL , JON. “7 killed, 100 wounded in Nigeria church bombing“ Seattle Times, Sunday, October 28, 2012 at 5:28 AM , http://seattletimes.com/html/nationworld/2019543375_apafnigeriaviolence.html Wikipedia, ” Religion in Nigeria”, 20 September 2012 at 01:10, http://en.wikipedia.org/wiki/Religion_in_Nigeria Smock , David. Hayward , Susan. Huda, Qamar-ul. ” Religion and Peacebuilding” 2012 http://www.buildingpeace.org/think-global-conflict/issues/religion-and-peacebuilding Agande, Ben. Binniyat, Luka. Ovuakporie, Emma. And Akinboade, Laide. “Nigeria: Suicide Bomber Hits Another Kaduna Church” http://allafrica.com/stories/201210290553.html?viewall=1 ALABI, CHRISTIANA T. “Nigeria: Kaduna Begins Inter-Religious Exchange Program for Schools” 13 JULY...

Words: 388 - Pages: 2

Premium Essay

Margret Kohn

...We are in an era where human rights have become centre stage politically and ethnically and real deal of energy is geared towards refining our world and constructing it into a better place, however the concepts used in achieving these goals do not fundamentally challenge the logic behind the dominant state actions. The world we live in today has change; it has evolved into a system whereby the rights of private property and the profits are more important to other forms of human rights. It’s therefore important that the human right rights which includes ‘’the right to the cities and why it is imperative for the voice of the people to be heard in the process of wealth distribution in the cities. In the course of this essay urban space will represent spaces that are open for public use such as national stadium, parks, and streets. Spaces such as this have been great tools for activist and protesters to generate awareness on issues that are affecting the total well-being of the people. such space doesn’t serve as a generative tool of displace, it also create awareness an avenue for the expression of rights and when effort is placed on the pending issues the authority are drawn to creating solution. This is why space is important. The video watched in class is an example of how people in the past have fought tirelessly for the right to be heard and a fair treatment among workers. Workers were brought into a different work environment they were exploited because they were not aware...

Words: 1296 - Pages: 6

Premium Essay

Religious Conflict in Nigeria

...TITLE PAGE RELIGIOUS UNREST IN NIGERIA: CAUSES, EFFECTS AND SOLUTION. DEDICATION I want to dedicate this work to those prospective authors that dedicated their time to evaluate files and write about the religious situation in the country and give their general opinions on the matter. ACKNOWLEDGEMENT. I want to acknowledge the lord Almighty, for the wonderful work he has done in my life and the aid he rendered me during the research of this work. PREFACE This discusses the solutions causes and effects of the ongoing religious conflict in the country. The religious conflict have taken so many loved ones and destroyed a lot of properties. The text elaborates al these and review the timeline of those events act the number of lives lost the number church and mosques destroyed all for the name of religious conflict. CHAPTER ONE 1. INTRODUCTION Nigeria is known be highly religions each of these groups has its own religious behalf and procures. Religion is the strongest element in traditional background and the greatest influence upon the thinking and living of the people concerned. According to John S. Mbiti “religion are not primarily for the individual but for his community of which he is part. Chapters of Nigerian religion are written everywhere in life of the community and in traditional society there are no irreligious people. To be human is to belong to the whole...

Words: 4603 - Pages: 19

Free Essay

English

...In each of the following sentences, the word that receives the emphatic stress is underlined. From the questions lettered A to D, choose the one to which the given sentence is the appropriate. 1. Moses lives alone in a TWO STOREY BUILDING. (A) Does John live alone in a two storey building? (B) Does Moses live with his brother? (C) Has Moses moved from the two-storey building? (D) Does Moses live alone in a bungalow? 2. Ben and Anne were FRIENDS at the University. (A) Were John and Anne friends at the University? (B) Were Ben and Anne enemies at the University? (C) Were Ben and Anne friends from childhood? (D) Were Ben and Mary friends at the University? 3. OUR club won the 1994 Football competition (A) Did their club win the 1994 Football competition? (B) Did our school win the 1994Football competition? (C) Did our club lose the 1994 Football competition? (D) Did our club win the 1994 Hockey competition? 4. The Minister TRAVELLED to Abuja this morning. (A) Did the Minister arrive from Abuja this morning? (B) Did the Minister travel to Kano this morning? (C) Did the Director travel to Abuja this morning? (D) When did the minister travel to Abuja? 5. Betty LOVES keeping pets. (A) Does John love keeping pets? (B) Does Betty love keeping flowers? (C) Does Betty always destroy pets? (D) Does Betty hate keeping pets? 6. My father’s nephew BAKES bread. (A) Does your father’s nephew bake bread? (B)...

Words: 603 - Pages: 3

Premium Essay

Student

...Library Philosophy and Practice 2011 ISSN 1522-0222 Poor Reading Habits Among Nigerians: The Role of Libraries A.J. Aina Systems Librarian E-Library unit J.I. Ogungbeni Systems Librarian E-Library unit J.A. Adigun Ag. HOD Technical Services Department Fatiu Ademola Akesode Library Lagos State University (LASU) Ojo, Lagos Nigeria T.C. Ogundipe Librarian 1 The Nigerian French Language Village Badagry, Lagos State, Nigeria Introduction Comprehension is at the centre of reading. Collins and Cheek (1999) describe reading as a process that requires the use of complex thought processes to interpret printed symbols as meaningful units and comprehend them as a thought unit in order to understand a printed message. According to Rubin (2002), reading is a total integrative process that starts with the reader and includes the affective, perceptual, and cognitive domains.  Okebukola (2004) affirms that, through reading, humans have the tools to transmit knowledge to each succeeding generation; it  allows one to listen to the wisdom and people of the ages. This is emphasized by many different religious traditions. The Apostle Paul admonished Timothy “study to show yourself approved unto God (11 timothy 2:15). Islam holds acquisition of knowledge (literacy, reading, etc.) in high esteem. The holy Qur’an reveals that the first communication (injunction) between Allah and Prophet Muhammad was knowledge-based, - Iqraa, meaning “read” or “recite” (Qur’an 96: 1-5).  Douglas (2000) asserts that every...

Words: 4016 - Pages: 17

Free Essay

Environment

... as a community, many people work together to try and change the way of doing things to benefit the environment, such as implementing more policies to ensure the survival of marine life or, finding methods to better the environmental situation. I agree only to a small extent that people, both individuals and as an international community, do not care for the environment, be in on land, air or sea. There are many situations in which people could choose to ignore the harm that is being done to the environment, and not care about what the outcomes may be. However, because we as people care, we have implemented many measures to protect our environment. For example in Lake Chad, located between the borders of Cameroon, Chad, Niger, and Nigeria, there is a environmental issue of desertification where fertile land becomes similar to that of a desert. The UNHCR and its partners, including the Chad government, are addressing the effects of climate change with programmes aimed at better management of dwindling water resources and the holding back desertification by planting trees. This shows the amount of effort and money people are willing to spend on just to try and save the...

Words: 293 - Pages: 2

Premium Essay

Adapting to Drought in the Sahel: Lessons for Climate Change

...Adapting to drought in the Sahel: lessons for climate change Michael Mortimore∗ The Sahel’s experience of adapting to changes in rainfall on a scale at least comparable to that of climate change scenarios, between the 1960s and the 1990s, suggests that lessons can be learnt that may have a wider utility for policy in the future. The Sahel is a major global agroecological region and its success in adaptation will influence the achievement of the global Millennium Development Goals. From simple typologies of adaptation strategies, our understanding of adaptive capacity has evolved over time (with accumulating observations) into a contextual model which places drought management at the center of a development process. Climate change impacts in future are very uncertain. Policies and interventions should therefore aim to build on the platform of past achievements and existing local knowledge to enable flexibility and diversity and the protection of assets of small-scale farmers and herders .  2010 John Wiley & Sons, Ltd. WIREs Clim Change 2010 1 134–143 ‘Africa is the most vulnerable region to climate change, due to the extreme poverty of many Africans, frequent natural disasters such as droughts and floods, and agricultural systems heavily dependent on rainfall’.1 ‘the continent’s low adaptive capacity serves as a major constraint to her ability to adapt’ (Ref 2. p. 6). ‘It is uncertain how rainfall in the Sahel, the Guinean coast and the southern Sahara will evolve in this century’...

Words: 7491 - Pages: 30

Free Essay

Religions

...Chinese • Chinese immigrated to many countries, including Belize, in the mid 1800s. • They came as labourers for the economic sift in the 19th century and kept a close community of their own. They work in the plantation fields in Orange walk & Cayo. • When the Japanese invaded china just before World War II, another influx of Chinese immigration came to Belize. • Third & final group came in 1970s from Hong Kong and Taiwan. • Arrived in British Honduras in 1865 where they settled in the north then later relocated to the south areas in 1866. • The 2000 census found that 1716 Chinese people reside here in Belize and of the 1607 speak Chinese as their first language • They are urban populated, with 65 living in the cities, which is the highest proportion out of all ethnic groups. • Most resided in Belize City, but at least a few Chinese families lived in every major town. Some were merchants but most worked in the restaurant and lottery industries. Culture/food • The most important festival for the Chinese community is the lunar New Year, which falls on the first day of the lunar moth. This consists of lion dancer, accompanied by cymbals, drums, gongs, and firecrackers are a common sight during these festivities. • Chinese are not only externally elegant but it also symbolizes culture and communicates its own vitality. • Common use of food stuff includes grain, noodle, chickpeas, lentils, wheat, pasta, seasonings. Religion • The Chinese religion is a mixture of all...

Words: 815 - Pages: 4

Free Essay

Poverty Level in Nigeria

...AND NIGER TOP LIST OF POOREST STATES POVERTY in Nigeria is rising with almost 100 million people living on less than $1 a day despite strong growth. The percentage of Nigerians living in absolute poverty — those who can afford only the bare essentials of food, shelter and clothing — rose to 60.9 per cent in 2010, compared with 54.7 per cent in 2004, the National Bureau of Statistics (NBS) said. Although Nigeria's economy is projected to continue growing, poverty is likely to get worse as the gap between the rich and the poor continues to widen. "It remains a paradox ... that despite the fact that the Nigerian economy is growing, the proportion of Nigerians living in poverty is increasing every year," Statistician General of the Federation, Dr Yemi Kale, told reporters at a press conference in Abuja. “NBS estimates that this trend may have increased further in 2011 if the potential positive impacts of several anti-poverty and employment generation intervention programmes are not taken into account," The data showed that the North-East and North-West, where the Boko Haram sect originated, are the poorest regions in Nigeria. The South-West, which includes the thriving commercial hub Lagos, had the lowest levels of poverty. Meanwhile, Sokoto and Niger states topped the list of poorest states in Nigeria as poverty rate hit 71.5 per cent. The North-West and North-East geopolitical zones recorded the highest poverty rate in Nigeria with 77.7 per cent and 76.3 per cent respectively...

Words: 532 - Pages: 3

Free Essay

Essay

...ideology that shares a thinking of "we are better than them" whoever "they" may be, leads to hatred. Most individualistic ideologies can lead to hatred if taken to an extreme, however it depends on how much the person is willing to let that ideology influence them. However, like Celina said, there are also ideologies that allow for more open views and lead to a sense of belonging. A belief in multiculturalism leads to more open ideas being shared through different people all throughout the world, and a sense of equality among those people. The most recent example I’ve seen of an ideology bringing people together is the protests that are currently happening in Nigeria. This is a form of collectivism as the Nigerian people have joined together to cause a change and cause greater equality amongst all people in Nigeria by protesting against their government. The amazing thing about this form of collectivism is that it brought the Christian Nigerians and Muslim Nigerians together. The Nigerian population was heavily segregated religion wise, with the Muslim Nigerians and Christian Nigerians constantly starting wars, fights with each other and killing each other, all because of differences in religious beliefs. However the recent protests have...

Words: 709 - Pages: 3

Free Essay

Nigeria Budget

...A COMPARATIVE ANALYSIS OF THE NIGERIAN BUDGET FROM 1999 – 2013 ONOWA SIMON +2348064034407 Simoncy2k@gmail.com ABSTRACT This study examines the Federal Government budget in Nigeria between 1999 and 2013. The analysis of this study showed that for more than a decade of democratic dispensation in Nigeria, there has been a consistent increase in the total recurrent expenditure of the Federal Government. This has led to budget deficits. Thus a key macroeconomic issue addressed in this study is the rationale underlying government fiscal deficit, the significance of the rational expectation hypothesis in Nigerian economy and the consequences and impact of this action on the economy. Data for this study were collected from CBN statistical bulletin and gazette of the Federal Ministry of Finance. The study employed a descriptive analysis. Government has been allocation more fund to recurrent expenditure over the period under study. Using key fiscal indicators the study recommended that for overall sustained economic growth and development; federal government should increase substantially allocation to capital projects in rural Nigeria to trigger economic growth and development. Introduction A Budget is focused on the Government’s drive to achieve its developmental goals as entrenched in its Vision. It is also anchored on the commitment of the Government to improve the socio-economic status its people by strategically implementing plans and programmes to boost economic activity...

Words: 2515 - Pages: 11

Free Essay

Student

...3. CONSTITUTIONAL MARGINALIZATION OF WOMEN IN NIGERIA. It has been documented that constitution making in Nigeria has persistently excluded female legitimacy (Ezeilo 2000). This exclusion dates back to the colonial times when women were not allowed to vote. The Clifford constitution of 1922 restricted the electorate to adult males in Calabar and Lagos who have been resident in the city for at least one year and had a gross annual income of N100.00. The Richard constitution of 1946 only reduced the property qualification to N50.00. The Macpherson constitution removed property qualification but still restricted the electorate to only adult males who pay their taxes. By the Lyttleton constitution of 1954, franchise was universal in the East and West but limited to adult males in the North. In fact, it was not until 1979 before the right to vote was extended to all Nigerian women. The 1999 constitution was promulgated into law by the Armed Forces Ruling Council of General Abdusalami Abubakar regime. The AFRC was made up of 26 military officers, all males. The language of the constitution is in masculine gender. The constitution not only continues the marginalization of women but also actively discriminates against women particularly on citizenship. The 1999 constitution became operative on 29th May 1999. Despite the fact that women make up at least 49.6 percent of the nations total population (1991 census), less than 2 percent of top positions are occupied by women...

Words: 435 - Pages: 2

Free Essay

Contribution of Western Education to Development in Nigeria

...The contributions of western education to development in Nigeria. If a man is born blind, he may not appreciate what it means to see the light, but ones his sight is recovered he would definitely not want to be thrown back into perpetual darkness. Darkness, blindness or ignorance are terms that could be interchangeably used to describe the state of Nigeria before the advent of western education. No matter how beautiful or promising an environment may be, it would neither be seen nor appreciated in darkness. Light is needed to appreciate anything good, amend anything that is not good enough or throw away anything that is bad outright. Western education came with light appreciating treasures we had with us all the time but never discovered right under the ground. At a time, it was called the ‘black gold’. The discovery of crude oil in Nigeria would not have been possible without our embracing western education. The proceeds from crude oil have in no little way contributed to the development of Nigeria today. With western education came literacy, the ability to read and write which has immensely helped in the acquisition of knowledge and set the foundation for our educational system today. Western education brought with it other dividends of westernization like electricity, pipe-borne water, improved healthcare system, mechanized agriculture with improved yields, the internet making us a part of the global village, GSM technology making communication easier and faster...

Words: 408 - Pages: 2

Premium Essay

None Yet

...in southwestern Nigeria became prominent in the 12th[15][16] and 14th[17] century respectively. However, Yoruba mythology states that Ile-Ife is the source of the human race and that it pre-dates any other civilization, although the oldest signs of human settlement dates back to the ninth century.[15] Ifẹ produced terracotta and bronze figures, and Ọyọ once extended from western Nigeria to Togo. The Kingdom of Benin is located in southwestern Nigeria. Benin's power lasted between the 15th and 19th century. Their dominance reached as far as the city of Eko (an Edo name later changed to Lagos by the Portuguese) and further.[18] The Kingdom of Nri of the Igbo people started in the 10th century until it lost its sovereignty to the British in 1911. It is the oldest kingdom in Nigeria.[19][20] Nri was ruled by the Eze Nri, and the city of Nri is considered to be the foundation of Igbo culture. Nri and Aguleri, where the Igbo creation myth originates, are in the territory of the Umeuri clan who trace their lineages back to the patriarchal king-figure Eri.[21] The oldest pieces of bronzes made out of the lost-wax process in West Africa were from Igbo Ukwu, a city under Nri influence.[19] Colonial era Main article: Colonial Nigeria Benin city in the 17th century with the Oba of Benin in procession. This image was pictured in a European book, Description of Africa, in 1668.[22] Spaniard and Portuguese explorers were the first Europeans to begin trade in Nigeria in the port they...

Words: 1350 - Pages: 6

Free Essay

The Thing Around Your Neck

...The U.S.-based story that most deeply explores the complexity Africanness in America is the title story, “The Thing Around Your Neck,” in which a young Nigerian’s woman’s “uncle,” a relative by marriage, sympathizes with her about her Maine community college classmates’ “mixture of ignorance and arrogance” before exhibiting some arrogance of his own. The narrator, one of the least privileged of Adichie’s headstrong young women, strikes out for Connecticut and lonesomeness. She barely supports herself working in a restaurant whose customers respond to her accent and appearance by recounting their love of elephants. When she meets a white American who has actually visited African countries, and who knows enough to toss around tribal names and engage in non-safari conversation, the narrator thinks: “You wanted to feel disdain…because white people who liked Africa too much and those who liked it too little were the same—condescending.” The story’s cross-cultural romance yields moments of affirmation and challenge, including a bravura conversation in which the heroine debunks her lover’s use of the phrase “real Indians.” Race provides the surface tension in this story, but in the end it is the characters’ class and family attitudes that create the story’s deepest conflict. Anger. Defensiveness. The feeling of being unloved, unwanted, undesired. Above all, the nagging sensation that your story - your truth - is being stifled by flashier, louder tales. “The Thing Around Your Neck...

Words: 485 - Pages: 2