Without doubt, there could be sufficient grounds for the inefficiency and non performing transactions on the Nigeria Inter-Bank Settlement System (NIBSS) platform but considerably not cogent enough. Whatever excuses that may be alluded as responsible for the increasing and perennial stalemated cashless transactions, are best described with this tripartite words: verbosity, rhetorical and preposterous. It’s quite regrettable that, instead of seeking a workable and available resolution to this not-so-complex transactional hiccups, the architects of the illicit deals prefer to prepare loads of ordinary alibi for their ‘maneuvering and manipulative menace’ and yank it on our heads, willy nilly.
I am strongly of the opinion, however, that if this demeaning trend in the nation’s financial sector is not nipped in the bud forthwith, the tendencies and repercussions are such that has what it takes to bury the national dreams of economic prosperity and progress, irretrievably. But I am optimistic that government, despite being inundated and preoccupied with the ongoing general election campaign tight schedules, yet will deem it a matter of urgency to restore sanity in the NIBSS operational dealings as part of our, for example, legislation’ basic oversight functions.
It is reprehensible that the probing searchlight of the designated NIBSS watchdog in this context the Central Bank of Nigeria seems to have deliberately refused to function. Otherwise, how else can one explain this untenable excuse often blamed on network defective platforms. Must we be this incorrigibly detrimental to one another? Instances of systematic stymie transactions are enormous. It cuts across the entire federation, painfully and regrettably so. It is without controversy, therefore, that there is a rat in the house eating deep into the reserves and revenues which we thought have been well preserved, all to our oblivion. It is obnoxious as badly as treacherous. When the dog has lost its demeanor and patience but now has long begun to eat quietly the bone hung entrustedly around its neck, difficult to determine who to blame.
The statutory obligations stipulated in the contractual papers need less highlighting here especially our main objective is to find solutions. It is established that there is a skeleton in the closet pertaining the now regular difficulties associated with cashless transactions in Nigeria. Obviously, there is a snake in the grass especially among the hands that determine and control what have you in the monetary movement system. The Federal Government is hereby alerted to do the needful and preempt an economic crisis that this anomaly portends.
Steve Obum Orajiaku.