Business
Experts Review Cashless Policy
As the Cental Bank of Nigeria (CBN) prepares for the implementation of the second phase of cashless policy in five states of the federation as well as Rivers State, financial experts have analysed the workability of the policy in the state.
Speaking in a telephone chat with The Tide, the Managing Director Chief Executive of Rivers State Microfinance Agency (RIMA), Mr Innocent Iyalla Harry said that the workability of the cashless policy in the state would be a gradual process, stating that the necessity of the policy is paramount.
The RIMAchief executive said that the people were already getting confidence in Automated Teller Machine (ATM) which is a sign that they will gradually get used to the policy.
Harry noted that Port Harcourt had concentration of banks which is an added advantage but also worried that there are a lot of transaction illiterates in the town, adding that,” cashless policy can only work in the urban areas where there is electricity. Some transactions cannot go cashless because market women want cash and carry.”
In another interview the managing consultant of S.O. Igwe and Co Chartered Accountants, Mr Silas Igwe, said that in banking policy implementation, the major cities are considered more, saying that Port Harcourt ranks more than Abuja in terms of commercialisation.
Igwe who is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an associate member of Chartered Institute of Taxation of Nigeria, said that Port Harcourt is a cosmopolitan city, which makes the workability easier.
He reiterated that the installation of point of sale (PoS) machines do not take time, stating the need for banks in the state to take the initiative of enlightening their customers on the workability of the policy in the state before the stated time.
“If the withdrawal of limited amount from the bank is working, if the use of ATM is working, cashless policy will also work,” he said.
In his contribution, the Vice President, Tourism Trade Group, who is also the chairman of Port Harcourt Chamber of Commerce, Industry Mines and Agriculture (PHCCIMA), Chief Obadiah Ezenekwe, said that CBN had not yet put the infrastructural facilities in place for the workability of the policy in Rivers State.
Ezenekwe who is also the Managing Director of Focal Hotel noted that points of sales (PoS) had not been installed in the hotels and shops which makes it difficult for the policy to be implemented now.
“All transactions here are in cash, many don’t have accounts in banks and do not also honour bank cheques again.
“Sensitisation has not been done because many people do not even know what cashless policy means,” he added.
The other states are, Abia, Anambra, FCT, Ogun and Kano.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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