Cashless Policy Will Transform Our society –Expert
Early this year the Central Bank of Nigeria CBN introduced a policy called cashless policy using Lagos and Abuja as pilot schemes.
Ever since, it has generated arguments concerning the benefit of the so called cashless policy.
The cashless policy was introduced into the developed western world over 30 years ago. It has also been introduced into some other African countries like Kenya called M-pesa. Though, it was successfully run in those mentioned countries.
There are many problems that may lead to the collapse of this laudable policy called cashless. Experts are of the opinion that the level of illiteracy in our country may not allow this policy to succeed while others say lack of awareness may also haunt the success of the policy.
At the early stage the Central Bank of Nigeria instructed the bank that they must can’t allow anybody to withdraw more than N250,000 pay for an individual N1,000,000 one million for a corporate body. Later on the CBN changed it to N500, 000 for an individual and N3, 000,000 for a corporate body. Any transaction more stipulated will attract charges both individual and corporate bodies respectively.
I was embarrassed when I went for a vacation with my family in New York and we needed to do some shopping, we went to a supermarket, we were the only one who had to pay with cash. In fact the attendant asks me are you from Nigeria? –anonymous.
The policy has discouraged many people from saving their money with any bank. But take it or leave it the policy is here to stay. We all must adjust to the change for us to achieve vision 2020 20.
Security
A lot of people are looking at the security aspect of it. I mean putting their lives on the line looking at how safe they are. The expert says the safety is guaranteed because the debit cards carried PIN and CHIPS which make it saver to use.
But I can tell you even in the western world where it actually started from they still face the issue of hackers and they lose a lot of money annually.
Advantages
1) It will limit the cash transactions
2) It will help you to know and monitor how much you are making and spending on daily basis.
3) It will reduce corruption in the society.
4) It will reduce the Ghana- must-go issue.
5) It will make small businesses grow and give access to profitability.
6) It will bring comfortability.
7) It will prevent leakages of funds.
You would not need to go as far as Alaba to buy your electronics. You will be able to do all your transactions at the comfort of your home.
I advise operators to make it trustworthy for everyone and CBN should also try to break the links among the banks and the operators. For instance, in some other part of the world where this policy has been introduced if you have Visa card, PayPal, MasterCard and many others you can use it anywhere without any hiding charges. But, that is not the case here. There should be connectivity between the banks without charges. So that if I am using X-bank I can comfortably use my debit in any branch of Y-bank without any hidden charges for my transaction.
This will also add to the success of the policy.
Publisher,
Lagos Post Online,
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