A fintech company, Touch and Pay Technologies, which is responsible for the Cowry cards used for payment on Lagos State-owned transport service, has urged its agents to collect the old N500 and N1,000 notes from commuters.
This decision followed an exclusive report by Daily Trust that operators of Lagos State-owned transportation services, including the Bus Rapid Transit (BRT) system, were rejecting the old N1,000 and N500 notes despite a threat by the state governor, Babajide Sanwo-Olu, to prosecute those doing so.
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The co-founder and CEO of the firm, Afolabi Olamide, in an interview with Daily Trust, said the company had instructed its agents to continue to collect the old notes from passengers in line with the directive of the governor.
While noting that the company had limited control over the agents, he urged them to continue to collect all legal tender.
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