He said, “It’s unfortunate that we have a myriad of challenges bombarding micro and small businesses at the same time. I call it a myriad because it is more or less everything happening at the same time.
“In Nigeria today, quite a number of small businesses are still cash-dependent. It is the bigger businesses that are already in tandem with online transactions, but for small and micro businesses, it is more cash-based. Egbesola further stated that the association had conducted a study to ascertain the impact of naira scarcity on small businesses. He said the result of the study revealed the fact that 19 per cent of small businesses had shut down as a result of the cash crunch, while many others were on the verge of closing up shop.
Also speaking, a member of the Nigerian Association of Small and Medium Enterprises, Peter Popoola said SMEs were struggling to stay afloat as sales had dropped “drastically.” The Lagos Chamber of Commerce and Industry had argued that the Nigerian economy was primarily cash-based, as over 80 per cent of transactions in volume terms are conducted via physical exchange of the Naira.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
myaccessbank return my money since last week
BATs new CBN gov will re-package it.
BATs new CBN gov will re-package it.
Cashless policy has done more harm than good to the economy of Nigeria. What do i know?
Small business owners, go get POS gadgets from your bank just like everyone else does where people use their heads. The small fee you will pay in a month is not even 1% of what you give to your high flying pastors.
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