Nigeria Currency Online Payments WEB
Metadata
- Nigeria Currency Online Payments WEB
- February 20, 2023
- Content Type Package
- Language English
- Transcript/Script English USAGM SHARE ((PLAYBOOK SLUG: Nigeria Currency Online Payments (TV/R) HEADLINE: Nigeria Sees Surge in Online Payments Amid Scarcity of New Cash TEASER: PUBLISHED: 2/20/23 at 9:10 BYLINE: Timothy Obiezu CONTRIBUTOR: DATELINE: Abuja Nigeria VIDEOGRAPHER: Timothy Obiezu PRODUCER: SCRIPT EDITORS: DLJ SV VIDEO SOURCE (S): VOA PLATFORMS (mark with X): WEB __ TV _X_ RADIO _X_ TRT: 2:46 VID APPROVED BY:MAS TYPE: TVPKG EDITOR NOTES: Micheal is the correct spelling of the vendor’s name.)) ((Intro)) A Nigerian banking report shows the volume of electronic payments has surged following cash shortages caused by a currency redesign. The Nigeria interbank settlement system (NIBSS) says transactions increased by 55 percent in January alone. While the surge is seen as a positive move toward a cashless society, experts say Nigeria still faces challenges with online payments. Timothy Obiezu reports from Abuja, Nigeria. ((NAT SOUNDS - Market People chattering)) ((NARRATOR)) Blessing Micheal needs to quickly sell off these pumpkin leaves and snails before they start to rot. She says without much money in circulation, her customers are cash-strapped and business has been slow. To get around, she's turning to online banking solutions. But she says it comes with its own challenges too. ((Radio track: …But Micheal says even that has its own challenge. )) ((Blessing Micheal, Trader))((In English, secs)) "We cannot make use of our money. I have money in my account, but I can't make use of it. How can I withdraw 10,000 [naira] and pay 2,000 as fee? It's not good." ((NARRATOR)) Like Micheal, hundreds of small businesses in this Abuja market are embracing online payments to stay afloat. Sunday Mbah says it has not been easy. ((Radio track: …Sunday Mbah, a trader at the Utako Market in Abuja says it has not been easy for him.)) ((Sunday Mbah, Trader))((In English, Secs)) "It's affecting us so much, we cannot sell, people can no longer come to the market with cash. [If you] go to the bank, you cannot even withdraw.” (new outcue) (NARRATOR)) The Nigeria Interbank Settlement System (NIBSS)) says because of the cash shortage, online payments increased by 55 percent in January compared to a year earlier despite the challenges. Experts say the report is a positive trend if sustained – but say commercial banks can improve online payments services to lessen the burden on citizens. ((FOR RADIO: Ndu Nwokolo is an economic analyst with Nextier)) ((Ndu Nwokolo, Nextier Economic Analyst)) ((In English)) "Part of what they should be doing is talking to commercial banks, I think the commercial banks are not doing enough." ((NARRATOR)) Nigeria recently redesigned its some of its currency notes -- the 200-, 500- and 1,000 naira – to combat counterfeiting, fight corruption and mop up excess cash in circulation. Authorities also said the measure will limit vote-buying during the elections this month. The new notes have been circulating since mid-December along with the old notes until last Friday. But millions of citizens complain the new notes are beyond reach despite submitting their old bills. Struggles for the new notes led to violent protests across four states in which police said two people were killed. Nwokolo says the protests were both economically and politically motivated. ((Ndu Nwokolo, Nextier Economic Analyst)) ((In English, Secs )) “Tere are a lot of other issues around it especially issues that are not financially or economically related, they were politically orchestrated and that's why you're seeing what you're seeing today." ((NARRATOR)) But with Nigeria’s general election now just over a week away, many like Micheal and Mbah say they do not expect much to change. ((Timothy Obiezu for VOA News Abuja Nigeria))
- Transcript/Script USAGM SHARE ((PLAYBOOK SLUG: Nigeria Currency Online Payments (TV/R) HEADLINE: Nigeria Sees Surge in Online Payments Amid Scarcity of New Cash TEASER: PUBLISHED: 2/20/23 at 9:10 BYLINE: Timothy Obiezu CONTRIBUTOR: DATELINE: Abuja Nigeria VIDEOGRAPHER: Timothy Obiezu PRODUCER: SCRIPT EDITORS: DLJ SV VIDEO SOURCE (S): VOA PLATFORMS (mark with X): WEB __ TV _X_ RADIO _X_ TRT: 2:46 VID APPROVED BY:MAS TYPE: TVPKG EDITOR NOTES: Micheal is the correct spelling of the vendor’s name.)) ((Intro)) A Nigerian banking report shows the volume of electronic payments has surged following cash shortages caused by a currency redesign. The Nigeria interbank settlement system (NIBSS) says transactions increased by 55 percent in January alone. While the surge is seen as a positive move toward a cashless society, experts say Nigeria still faces challenges with online payments. Timothy Obiezu reports from Abuja, Nigeria. ((NAT SOUNDS - Market People chattering)) ((NARRATOR)) Blessing Micheal needs to quickly sell off these pumpkin leaves and snails before they start to rot. She says without much money in circulation, her customers are cash-strapped and business has been slow. To get around, she's turning to online banking solutions. But she says it comes with its own challenges too. ((Radio track: …But Micheal says even that has its own challenge. )) ((Blessing Micheal, Trader))((In English, secs)) "We cannot make use of our money. I have money in my account, but I can't make use of it. How can I withdraw 10,000 [naira] and pay 2,000 as fee? It's not good." ((NARRATOR)) Like Micheal, hundreds of small businesses in this Abuja market are embracing online payments to stay afloat. Sunday Mbah says it has not been easy. ((Radio track: …Sunday Mbah, a trader at the Utako Market in Abuja says it has not been easy for him.)) ((Sunday Mbah, Trader))((In English, Secs)) "It's affecting us so much, we cannot sell, people can no longer come to the market with cash. [If you] go to the bank, you cannot even withdraw.” (new outcue) (NARRATOR)) The Nigeria Interbank Settlement System (NIBSS)) says because of the cash shortage, online payments increased by 55 percent in January compared to a year earlier despite the challenges. Experts say the report is a positive trend if sustained – but say commercial banks can improve online payments services to lessen the burden on citizens. ((FOR RADIO: Ndu Nwokolo is an economic analyst with Nextier)) ((Ndu Nwokolo, Nextier Economic Analyst)) ((In English)) "Part of what they should be doing is talking to commercial banks, I think the commercial banks are not doing enough." ((NARRATOR)) Nigeria recently redesigned its some of its currency notes -- the 200-, 500- and 1,000 naira – to combat counterfeiting, fight corruption and mop up excess cash in circulation. Authorities also said the measure will limit vote-buying during the elections this month. The new notes have been circulating since mid-December along with the old notes until last Friday. But millions of citizens complain the new notes are beyond reach despite submitting their old bills. Struggles for the new notes led to violent protests across four states in which police said two people were killed. Nwokolo says the protests were both economically and politically motivated. ((Ndu Nwokolo, Nextier Economic Analyst)) ((In English, Secs )) “Tere are a lot of other issues around it especially issues that are not financially or economically related, they were politically orchestrated and that's why you're seeing what you're seeing today." ((NARRATOR)) But with Nigeria’s general election now just over a week away, many like Micheal and Mbah say they do not expect much to change. ((Timothy Obiezu for VOA News Abuja Nigeria))
- NewsML Media Topics Arts, Culture, Entertainment and Media
- Network VOA
- Embargo Date February 20, 2023 13:51 EST
- Byline Timothy Obiezu
- Brand / Language Service Voice of America