Why Grain traders reject electronic transactions

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

A correspondent of the News Agency of Nigeria (NAN) who monitored Nyanya, Karu, Mararaba and Masaka Markets on Tuesday in Abuja observed the traders were not accepting electronic transactions.

According to the traders, they are buying the commodities directly from the rural farmers who are not involved in any form of electronic banking transactions.

Mrs Kadijat Ibrahim, a trader at Nyanya Market, said that although the number of her customers was reducing, she would continue to demand cash for her goods.

“I have a bank account but because I cannot also transfer money to the people I buy from, I won’t accept such 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,” she said.

Mr Ismaila Abu, another grain trader at the 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 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 these stress in banks is over,” he said.

Mr Ayo Ade, another trader of grain at the Gariki Market, appealed to the CBN to make cash available for citizens engaged in small businesses, for sales to improve.