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Grain traders reject electronic payment, insist on cash

Grain traders in suburban markets in the Federal Capital Territory, FCT, are rejecting electronic transactions from customers despite the cashless policy of the Central Bank of Nigeria (CBN).

Traders in Nyanya, Karu, Mararaba and Masaka markets on Tuesday were not accepting electronic transactions, according to the News Agency of Nigeria, NAN.

According to the traders, they buy the commodities directly from rural farmers who do not engage in electronic banking transactions.

Mrs Kadijat Ibrahim, a trader at Nyanya Market lamented: “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. However, 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 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.”

Ismaila Abu, a grain trader at Mararaba market, said he does not accept any form of electronic transactions for his goods.

“I use a little capital for my business, and I wouldn’t want it to be held in any bank. I need my cash to purchase the products to 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 bank stress is over,” he said.

Ayo Ade, another grain trader at the Garki market, appealed to the CBN to make cash available for citizens engaged in small businesses for sales to improve.

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