SMEs Urge CBN To Review Cashless Policy

Small business operators under the aegis of Micro, Small and Medium Scale Enterprises have asked the Central Bank of Nigeria to review its cashless policy to enhance business growth.

Segun Kuti-George, the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, lamented the effect of the recent cash scarcity and stressed the need for the CBN to carry out a complete review of the cashless policy.

The National Vice President of the Nigerian Association of Small and Medium Enterprises, Solomon Aderoju, said the hardship faced by MSMEs during the recent cash crunch was severe, noting that a complete review is necessary.

On his part, Femi Egbesola, the national president of the Association Of Small Business Owners Of Nigeria, said many businesses had contended with a lot of challenges in their operating environment.

“It’s unfortunate that we have a myriad of challenges bombarding micro and small businesses at the same time.

"I call it a myriad because it is more or less everything happening at the same time.

“In Nigeria today, quite a number of small businesses are still cash-dependent.

"It is the bigger businesses that are already in tandem with online transactions, but for small and micro businesses, it is more cash-based."