Expert harps on improved infrastructure to boost financial inclusion

Dr. Samuel Nzekwe, a financial expert, has advised the Federal Government to intensify efforts in improving the critical infrastructure that would boost the nation’s digital economy.

Nzekwe, who is also the former President, Association of National Accountants of Nigeria (ANAN), gave the advice while speaking with the News Agency of Nigeria (NAN) on Wednesday in Ota, Ogun.

NAN reports that the Supreme Court on Friday directed that the old N500 and N1,000 notes should still be used as legal tender until December 31.

He said an adequate and improved infrastructure was necessary for ease of facilitating business transactions.

This, he said, would make more people to embrace financial inclusion in the country.

Nzekwe said the current infrastructure in the country is not sufficient to aid electronic transfer and other e-payments.

“Nigerians are going through hard times as result of the introduction of redesigned of Naira notes.

“This problem has been worsened by the poor critical infrastructure which made money transfers difficult,” he said.

Nzekwe said that there is no instant credit of transfers from one person to another, adding that this has affected the economy negatively.

He identified poor networks among banks and inadequate power supply, as affecting the smooth financial transactions, especially during this cash crunch.

The former ANAN president appealed to the Federal Government and the apex bank to comply with the Supreme Court judgment on redesigned Naira notes.

He stressed the need for authorities concerned to immediately comply so that the scarcity of funds could be reduced to the barest level.

Nzekwe urged the Federal Government to pump more new notes into the system and directed all Deposit Money Banks to start paying out N500 and N1,000 notes to customers.

He said that compliance to the Supreme Court judgement is still slow as people do not have money to feed and go to their various offices. (NAN)