Yet the cashless policy has faced significant resistance, despite its prospect for economic growth and development and the global trend in the intensity of usage of e-payments. Third, the cost of doing business in Nigeria is still high when compared with developed economies or some emerging and developing countries owing to the poor state of infrastructure.
The recognition of hidden losses in banks’ portfolios, starting with the inaugural balance sheet assessment of directly supervised banks, to be performed before the start of the SSM, would eliminate the incentives to evergreen non-performing loans and eventually ensure that credit is reallocated to its most productive users.