Micro, Small and Medium Scale Enterprises, MSMEs operating small businesses, have requested the Central Bank of Nigeria to review its cashless policy for business growth.
They urged the CBN to carry out a complete review of the cashless policy due to the recent cash scarcity and its impact on their business operations.
Segun Kuti-George, the National Vice Chairman of the Nigerian Association of Small-Scale Industrialists, expressed his concern and emphasized the need for a policy review.
The CBN had reversed some of terms the cashless policy on December 21, 2022. The reversal however do not seem to have an effect as it is still difficult for Nigerians to get cash.
Solomon Aderoju, the National Vice President of the Nigerian Association of Small and Medium Enterprises, stated that the recent cash crunch had severely affected MSMEs, and a complete policy review was necessary.
Femi Egbesola, the national president of the Association Of Small Business Owners Of Nigeria, pointed out the challenges faced by small businesses.
“It’s unfortunate that we have a myriad of challenges bombarding micro and small businesses at the same time.”
He added that many small businesses still depended on cash transactions.
“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
