No cash, no grain, Abuja traders reject e-payment

Oluwanifemi Ojo
Oluwanifemi Ojo
Grain Traders. Credits: Miller Mag

Federal Capital Territory grain traders in Abuare market were reportedly found rejecting electronic transactions from customers, despite the cashless policy of the Central Bank of Nigeria.

According to an observation by the News Agency of Nigeria, the traders in Nyanya, Karu, Mararaba and Masaka Markets were not accepting bank transfers or any other electronic transactions.

Traders claimed that they purchase these goods directly from farmers who do not have access to electronic transactions.

One of the traders, Mrs Kadijat Ibrahim who was interviewed at Nyanya Market, said that she would continue to request for cash for her goods despite her decline in sales since the cashless policy began.

In her words, “I have a bank account but because I cannot also transfer money to the people I buy from, I won’t accept such a mode of transaction. Though I am losing a lot of customers.

“I don’t accept transfer or Point of Sale transactions because we buy our grains from local farmers and we pay them cash, because they don’t do any form of electronic banking.

“The local farmers at the bush markets where we buy our products can only sell their grains to you if you have cash.”

Another grain trader who was interviewed at the Mararaba Market, Mr Ismaila Abu said he only accepts cash for transactions of his goods.

He said, “I use a little capital for my business and I wouldn’t want it to be held in any bank.

“I need my cash at hand, so that I can purchase the products that will keep my business going.

“I do not have a bank account, but I cannot go and open one now. I will wait until all this stress in banks is over,” he said.

According to NAN, a grain trader at the Garki Market, Mr Ayo Ade urged the CBN to circulate cash especially for citizens handling small businesses, to increase sales.

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