• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 24, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Cash squeeze exposes weakness of e-payment system in Nigeria

e-payment

The Matters Press by The Matters Press
February 11, 2023
Reading Time: 1 min read
0
N43tn e-payments made in Nigeria

POS

The Institute of Chartered Accountants of Nigeria (ICAN) has reported that the current cash squeeze exposed the weakness of the nation’s e-payment system.

RELATED POSTS

Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence

Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria

‎IMPI revises inflation rate projection to 14% from 17% for December

The cash-in-hand challenge revealed the weakness in the country’s alternative financial payment system.

ICAN advised banks, fintechs and telecommunication companies to ramp up investment in their alternative and digital payment platforms.

ICAN said in a statement on Friday: “The current cash-in-hand challenge has revealed the weaknesses in our alternative financial payment solutions.

“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”

ICAN explained that the glaring effects of the policy on businesses and other financial transactions had further been compounded by the challenges in fuel supply across the nation.

“You will recall that ICAN, in pursuit of its public interest mandate, published its position paper on the Naira redesign policy in December 2022 and proffered some recommendations for its successful implementation,” the institute said.

The institute reiterated its commitment to “engaging the government and other key stakeholders to promptly resolve the crisis. In the meantime, we passionately appeal to the public to consider the present situation a passing phase in our journey towards national prosperity.”

Tags: e-payment
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence

October 24, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria

October 22, 2025
NBS reports increase in Inflation
Economy/Technology

‎IMPI revises inflation rate projection to 14% from 17% for December

October 22, 2025
CSOs give  thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria
Agriculture

CSOs give thumps-up to Tinubu’s ONSA-NCTC, back Trump aide’s dismissal of Christian genocide in Nigeria

October 22, 2025
Standing With the Bello Family – Justice Must Never Be Cheapened
Energy

Standing With the Bello Family – Justice Must Never Be Cheapened

October 17, 2025
You led with distinction, CG of Customs, hails former boss,  Mohammed at 80
Economy/Technology

You led with distinction, CG of Customs, hails former boss, Mohammed at 80

October 10, 2025
Next Post
New Naira notes unavailable even as CBN campaigns for acceptance

Currency swap will benefit all – CBN

Black cap group, 40 vehicles for Buhari’s campaign

Jamaica plans to source vehicles from Nigeria- High Commissioner

Recommended Stories

FAO sensitises farmers on safety standards in food production, processing

FAO urges action on sustainable Inclusive food system transformation

March 9, 2023
Trading in Nigerian stock market dips further N83bn

Selloffs in tier-one stocks push equity market downward

September 14, 2022
Gombe: Troops take over to enforce peace

Nigeria rewards gallant soldiers

February 17, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think tank blames historically poor management of resources on Nigeria’s high poverty prevalence
  • Nigeria’s Poor Get a Makeover: A Critical Analysis of Tinubu’s application of the law of requisite varieties in the reduction of poverty in Nigeria
  • ‎IMPI revises inflation rate projection to 14% from 17% for December

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us