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?
Return from Can Nigeria Really Fully Adopt A Cashless Policy? to VEE's Web3 Blog
