Almost two months after implementation of the Central Bank of Nigeria's cashless policy in Lagos, most Lagosians are less than happy with the project.

The Nation Online reported that citizens' general view was the policy had not been well thought-out. The publication's own investigation revealed a number of problems plaguing the cashless effort.

One businessman told the Nation that on the same day the policy went live, the POS system at one of Lagos' most popular shopping malls went dead. The man said he had been forced to go outside to use an ATM to get cash to make a purchase. Others had to cancel purchases altogether.

Lagosians retain a cash mentality due to a lack of confidence in Nigeria's electronic payment system. Many people told the Nation that the incidence of fraud was high, as well as "indiscriminate deductions" from accounts, and inefficient service. Additionally poor Internet connectivity also causes downtime for ATM and POS terminals.

Despite public dislike of the cashless initiative, the CBN insists that implementation is going well. In a recent speech, CBN governor, Mallam Lamido Sanusi said, “[W]e have been receiving positive feedbacks from different quarters. Indeed, some merchants — especially the petrol stations — have joined the league of enthusiasts by now encouraging their customers to use cards for payments.”

Sanusi said 15 mobile payment operators had been licensed in Nigeria and that as a result, 80 million mobile-owning Nigerians would benefit from financial inclusion and a cashless existence.

Another story at This Day Live said Nigerian banks have distributed 5 million Visa cards and that the number of transactions with the cards was up 70 percent year-over year, with a 75 percent increase in usage at the point of sale.

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