As the reality of Nigeria’s economic challenges continues to tell on its citizens, the Institute of Chartered Accountants of Nigeria, ICAN, has said the cash crunch crisis exposed the weakness in the country’s alternative financial payment system.
ICAN disclosed this in a statement on Saturday.
The institute advised banks, fintech and telecommunication companies to double up on investment in payments technologies.
Media Talk Africa reports that commercial banks’ customers have continued to complain of failed transactions on USSD and Mobile App Platforms.
ICAN said, “The current cash-in-hand crisis has revealed the weaknesses in our alternative financial payment solutions and platforms. Accordingly, we encourage the deposit money banks, telecommunication and fintech companies to ramp up investments in their systems and processes towards improving the quality of their services in the Nigerian economy in the shortest possible time.”
The institute stated that there would be a respite at the end of the day provided the government continues to engage stakeholders and experts on pragmatic solutions to the crisis.
