Can Nigeria Really Fully Adopt A Cashless Policy?
Welcome to my blog, everyone. The previous week has been incredibly difficult, and I haven't been able to write with any stability. The shortage of the new naira note is nothing new, and the previous 500 and 1000 naira notes are no longer legal cash in Nigeria. Bank ATMs rarely dispense cash, which has resulted in the sudden hijack of the fees that the POS attendant charges its clients who wish to transact with them. These POS employees claim that they buy the naira notes, so because of that, they decided to raise their rates.
Is it possible for Nigeria to completely implement a cashless policy? When one may go to the market and buy anything without worrying about whether or not they have cash on hand. We are aware that the implementation of a cashless policy necessitates the development of a strong payment infrastructure, including dependable electronic payment systems, strong network connectivity, and initiatives to promote financial inclusion to guarantee that everyone has access to electronic payment channels in circumstances like these.
Since bank transfers are unstable right now, we can't even depend on them, and these POS operators have taken advantage of the situation to extort money from the public by charging exorbitant fees for withdrawals.
I mentioned how we were charged an additional 200 naira to withdraw 1000 naira ($1+) at some point during the last two weeks. This was not the customary fee. Nevertheless, last week, we were charged 700 naira in my location to withdraw 1000 naira. Imagine If I have no other money in my account and I need cash right now, which means I'll be heading home with just 300 naira (less than $1). That's cruel
These combined effects have made life even more difficult for the populace and led to rioting and protests. I've seen videos online of angry citizens trashing banks, ATMs, and even POS terminals. Is becoming aggressive in response to the circumstance truly necessary?For me, it won't make a difference since it is still us the poor masses that will still lose their lives in the end. Let's look at the 2020 #Endsars-protest as a case study. Even though it was settled, many people died as a result of the conflict.
My precise point is that I continue to be surprised as to why the new naira notes, which the governor of the CBN claims to have produced in sufficient quantities, are still not in circulation as they should be. Can we truly completely implement a cashless policy with this kind of poor and unreliable banking system, as it has already happened in this way?
I really feel bad thinking about Nigerian people. The current situation in Nigeria seems like a pre-planned thing and this situation is created to loot the money of the general people and it's happening.
Obviously... Cause i don't see why there's money scarcity when the CBN governor claimed to have made enough new naira note available.
Sometimes I really feel bad about it. I wish I could punish those kinds of people who created such kinds of situations even if I am not a Nigerian.
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The state of the country is really saddening and heartbreaking. Honestly, at a point in this whole crisis, I was really emotional and wish I had the power to ease everyone of this hardship.
Don’t let me get started on how the POS agents are extorting us. Honest opinion? I think we are our own problems in this country. We use every single opportunity that arises, just to inconvenient a fellow citizen. This current situation takes me back to 2020, during the COVID-19 crisis, protective nose masks that were formally 3 for #100 immediately skyrocketed to outrageous prices, just because of an increase in demand. It wasn’t the spirit of entrepreneurship that made them do that, it was obviously greed! And guess what, their time passed and people barely patronize them now, dhurr!
About the cashless policy: I see it as a good idea, and it is very safe too, but I really don’t think it is feasible, if we want to be empathetic and consider all businesses. Even the bank charges wouldn’t help matters, and oh! The network better get better than this.
How would the extremely small scale businesses adapt? What about the really old business men and women that can’t even operate a small phone properly? What about under age kids doing menial jobs just to live another day? Honestly, a lot of people will be affected if this policy comes to play, and I really hope that wouldn’t lead to another economic problem.
If the policy can be adopted and becomes pronounced in the country, alongside swift supply of cash, that would be really nice. It opens us to having options and I think that would be a good thing for everyone
@creativepearl Honestly, I can feel the anger and pain from your comment. Obviously, we can't really fully blame the government for our problems cause part of it is from us. Everyone wants to get their own share from the game the government is playing with masses forgetting that we all are suffering it. Greed has so consumed everyone.
Man!!! I just lack words to say
We need to resist this push for cashless society nonsense. It’s only end goal is tyranny and destruction of people and their freedoms. It’s one shoe in for CBDC and the restriction of what you buy based on a group of the worst tyrants in the world telling you what you can and can’t do. It’s an utter abomination.
If protesting is what changes things in the direction of cash again then it absolutely needs to be done. A cashless society is the worst mistake that can be made, regardless of the country or infrastructure.
Protesting is done so the government can hear our plea and am not against that. But it should be a peaceful one. Destroying banks branches won't solved anything, we will still end up paying for the damages in one way or the other.