Nigerians are confronting the realities of the new naira note policy, and the Institute of Chartered Accountants of Nigeria (ICAN) says the cash‑in‑hand challenge has exposed weaknesses in the country’s alternative financial payment system. In response, ICAN has urged banks, fintech firms and telecommunications companies to increase investment in their digital and alternative payment platforms.
In a statement released on Friday, ICAN noted, “The current cash‑in‑hand challenge has revealed the weaknesses in our alternative financial payment solutions. Accordingly, we encourage deposit‑money banks, telecommunications and fintech companies to ramp up investments in their systems and processes to improve the quality of their services in the Nigerian economy as quickly as possible.”
ICAN also highlighted that the policy’s adverse effects on businesses and other financial transactions have been compounded by fuel‑supply challenges nationwide. The institute recalled that, in line with its public‑interest mandate, it published a position paper on the naira redesign policy in December 2022, offering recommendations for successful implementation.
Reaffirming its commitment, ICAN said it will continue engaging the government and other key stakeholders to resolve the crisis promptly. Meanwhile, it appealed to the public to view the current situation as a temporary phase in Nigeria’s journey toward national prosperity.
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