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How Bank Restrictions Hobble Startups, Cashless Policy




BANK restrictions might be primary among reasons startups are foot-dragging on cashless policy implementation, investigation has shown.

The unsavoury situation affects starts-ups in the e-commerce and service industries and it looks like the industry is returning to ‘Cash is King’ system.

Typical example is #UberCashLagos launched on Monday in Lagos, a payment option for the app users.

A source at Uber told Nigeria CommunicationsWeek that the launch of cash payment option was because Uber feared it might lose customers as “some riders have been experiencing widespread payment issues with the Uber app. Most people who depend on Uber for a reliable and efficient ride were becoming impatient with the situation.

Speaking on the #UberCashLagos, Ebi Atawodi, general manager for Uber Lagos, said: that Uber has been working hard to create a seamless cash payment option that is truly Uber.

Atawodi added that Lagos was selected for a cash experiment because it provides Uber with the right environment to test a cash payment option amongst a sizeable and sophisticated rider and driver community.

But, our Source lamented that “A number of banks have specifically began declining Uber transactions and so as a result, many riders may have tried to request an Uber but were sent message like ‘your credit card ending xxxx has been deemed invalid. Please update your billing settings’. In some cases, there are people with an outstanding balance left on their account due to a payment decline. We are working assiduously to address the situation”.

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