Business
‘Cashless Policy Implementation May Hurt MSMEs’
The Manufacturers Association of Nigeria (MAN) has said the implementation of the cashless policy may have negative impact on the Micro, Small and Medium Enterprises (MSMEs) in the country.
The association gave the position in a statement released in Lagos on Monday by its Director-General, Segun Ajayi-Kadir.
MAN described the MSMEs as the engine room of the economy, especially due to its employment generation capacity.
The MAN boss said the Central Bank of Nigeria (CBN) failed to make any consultations and sensitisation of the relevant stakeholders before reintroducing the cashless policy.
He also noted that the government ought to have put in place the necessary infrastructure that would support and drive the policy before announcing it.
He said, “The charges on withdrawals may have a negative impact on Micro, Small, and Medium Enterprises that are clearly the engine room for growth of the economy and employment generation.”
Ajayi-Kadir also stated that it appeared that the CBN decided to penalise non-compliance, adding that rather than generating gains for those who embraced cashless transactions, it opted to punish those who had not, including those operating in genuinely large cash-driven economic activities.
He said, “MAN, therefore, urges the leadership of the CBN to think through other available options to achieve its cashless policy scheduled to be fully implemented throughout the country from March 31, 2020.”
The apex bank had in a circular to Deposit Money Banks stated that from Wednesday, September 18, it would impose three per cent processing fees for withdrawal and two per cent processing fees for lodgement of amount above N500, 000 for individual accounts.
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.
