What Do You Think Of The CBN Cashless Policy?

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#1 » by NiceGuy (m) (β2150) » September 21st, 2019, 4:28 am

In this opinion based discussion thread, let's fish out the benefits and disadvantages (if any) of cashless society policy. And also cross check if Nigeria is actually ready.

cashless nigeria.JPG


Ordinarily, the #CashlessSociety policy tends to be advantageous. It is convenient. It's the new global trend. It's cheaper. It drives development and innovation. It drives more transparency and accountability. It's global standard.

But why would some people reject this seemingly good development in our nation?

This back and forth between CBN and Senate does not show readiness on the part of these major stakeholders. Or at least it shows great division, huge knowledge gap or gross difference in levels of understanding of the whole #cashless thing.

Any benefits at all? And is Nigeria really ready? Any dangers too?

Comments please.

Comment brought up:
Erudite wrote:In my opinion, Nigeria is ready because Fintech is here!

The rise of FinTech
FinTech is the emerging industry focused on using the latest technological innovations to provide digitised financial solutions. Nowadays, apps are used to book and pay for just about anything – from parking, food delivery, online shopping and even just to bank – making cash transactions virtually obsolete.

With transport apps like Uber completely changing the way we get around – that is, no visible transaction – taxis are often left with individuals climbing out at the end of the ride, forgetting they haven’t yet paid their fare.

OPay system has now launched the digital ORide, OBus, allowing commuters to pay for public transport using their smartphones.

Although Nigeria doesn’t have any immediate plans of going completely cashless, there’s no denying it could be a possibility – just look at Sweden, set to become the world’s first cashless country by 2023.


Sweden was the first European country to introduce banknotes and ironically, intends to be the first country in the world to eradicate them entirely. This process will see its own digital currency introduced in 2021 and in less than four years, cash will no longer be accepted as a means of payment.

The Nordic country is said to be one of the most technologically advanced countries in the world, with major Scandinavian banks creating a mobile payment system known as ‘Swish’, allowing individuals to authorise safe and instantaneous transactions to friends, companies and organisations.

Almost all 18 to 24-year-olds no longer use cash as research reveals up to 95 per cent of their purchases are made electronically, by card or via Swish. Widely accustomed to using the app, the term “Swish“ has now been integrated as a commonly used verb in Swedish vernacular; “just swish it to me.”

Where to from here?
Although cold hard cash is tangible, it’s no longer practical. We “tap to pay” for just about anything using contactless payment systems and our daily engagement with FinTech is skyrocketing.

Ultimately, a future without any need to transact with cash may be closer than you think – even the tradition of gifting cash is turning digital. Gone are the days of stuffing money in an envelope, with many instead requesting a digital wishing well be used for their special day. Cashless is not only a more secure option; it’s a more reliable and convenient option.

Arguably, a cashless society is the way forward but only time will tell as to how an entire society adapts to such a concept.

Nigeria, let's embrace cashless!


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#2 » by Emi (f) (β1959) » September 21st, 2019, 4:30 am

In my opinion, well cashless economy is good… We are supposed to prefer cashless economy…

This is because if we are paying bill through are debit card or credit cards we are actually saving those tree…which are using while making note..that’s not good for our environment.

And in cashless economy we don’t need to carry money with us while go for shopping.
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#3 » by Hugoo (β0) » September 21st, 2019, 4:33 am

Cashless economy is the best thing it save our time and money. We use so many online payment apps which are very helpful to us. people from urban areas get benefitted from the cashless economy but rural areas person doesn’t get benefit from these kind of things like online payment, cards net banking etc

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#4 » by Erudite (f) (β1011) » September 21st, 2019, 5:05 am

In my opinion, Nigeria is ready because Fintech is here!

The rise of FinTech
FinTech is the emerging industry focused on using the latest technological innovations to provide digitised financial solutions. Nowadays, apps are used to book and pay for just about anything – from parking, food delivery, online shopping and even just to bank – making cash transactions virtually obsolete.

With transport apps like Uber completely changing the way we get around – that is, no visible transaction – taxis are often left with individuals climbing out at the end of the ride, forgetting they haven’t yet paid their fare.

OPay system has now launched the digital ORide, OBus, allowing commuters to pay for public transport using their smartphones.

Although Nigeria doesn’t have any immediate plans of going completely cashless, there’s no denying it could be a possibility – just look at Sweden, set to become the world’s first cashless country by 2023.


Sweden was the first European country to introduce banknotes and ironically, intends to be the first country in the world to eradicate them entirely. This process will see its own digital currency introduced in 2021 and in less than four years, cash will no longer be accepted as a means of payment.

The Nordic country is said to be one of the most technologically advanced countries in the world, with major Scandinavian banks creating a mobile payment system known as ‘Swish’, allowing individuals to authorise safe and instantaneous transactions to friends, companies and organisations.

Almost all 18 to 24-year-olds no longer use cash as research reveals up to 95 per cent of their purchases are made electronically, by card or via Swish. Widely accustomed to using the app, the term “Swish“ has now been integrated as a commonly used verb in Swedish vernacular; “just swish it to me.”

Where to from here?
Although cold hard cash is tangible, it’s no longer practical. We “tap to pay” for just about anything using contactless payment systems and our daily engagement with FinTech is skyrocketing.

Ultimately, a future without any need to transact with cash may be closer than you think – even the tradition of gifting cash is turning digital. Gone are the days of stuffing money in an envelope, with many instead requesting a digital wishing well be used for their special day. Cashless is not only a more secure option; it’s a more reliable and convenient option.

Arguably, a cashless society is the way forward but only time will tell as to how an entire society adapts to such a concept.

Nigeria, let's embrace cashless!

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#5 » by Erudite (f) (β1011) » September 21st, 2019, 5:07 am

Also, products like POS, money agent apps and devices plus mobile transfers will help sellers avoid generating too much cash. You can even offer discounts to people who use electronic payment means in your store! :excited:

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#6 » by eMade (f) VIP (β44426) » September 21st, 2019, 4:06 pm

:thnk:
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#7 » by dimitiri (β0) » September 21st, 2019, 5:12 pm

Its a good development. Its clean and super easy. Cash is costly o print and carry.

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#8 » by MnO2 (β4) » November 3rd, 2019, 5:40 pm

:clap:

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#9 » by Merlino (m) (β856) » December 4th, 2019, 7:31 am

This is good for Naija. It's the age we are. Digital age :good:
My life is a puzzle...

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