Financial Synopsis:

In recent days, the nation has been going through a swap in it's financial capacity and activities.
The joy about the present trend is that a lot of Citizens have played with the word " Cashless policy" without understanding it and how it works.

Cashless policy is the best financial control mechanism any growing economy can take advantage of but, right from the days of HRM. Sanusi lamido the Former Apex bank Boss, the word was just an ordinary song on the lips of the people with a huge lack of preparedness to accept it.

Today the economy has gone the other way which has given room for abuse of cash, unnecessary flaunting of financial proceeds, public office looting, Terrorism financing and all other vices capable of affecting the economic standard of living of the populace.

We are actually coming from behind and the reason for this is simply because we are finding it difficult to follow up with a global trend, Imagine if we had keyed into the acceptance of this policy long ago, the excessive love for money and illicit wealth wouldn't have been on the rise,

CBN will have accurate record of what is in circulation and what is in the bank vault, but today the opposite is the case. Young people who are supposed to be useful to themselves and their country decided to take to financial crimes and terrorism just because those activities give high volume in terms of financial return that cannot be accounted for.

For example, If a fraudster, Bandit or a terrorist receives Ransom or payment from illegal financial activities, 70% of that proceeds goes to lavish lifestyles and total mismanagement there by giving room for more culprit to get interested via the "Jones Effect" or Band wagon effect. This act will further cause more damage than good in the aspect of disvalue of the Naira.

The CBN should do more in mopping up large bills or higher denomination out of circulation and let us get use to the new financial literacy where we have to deal with the lower bill for small transactions while voluminous transactions should be treated as cashless and via e- channels.

This will help the next generation to master the use of money and real reason to spend and not spending because the money is available and Handy. People will develop and key into genuine financial investment and plans that will bring financial growth to individuals.

After this step, I will be glad if the Apex bank can adopt the numerical data systems where every single note printed must have a recorded serial number saved in all Banks database for proper tracking and follow up on payment in order to know who paid who and where did a particular note come from, this will help the country tackle illegal financial activities like Terrorism financing, Ransom tracking that will lead to the arrest or everyone involved in such crime.


By so doing, the excessive love for money will not evolve into the next generation. Financial sanity will be maintained.


Come to think of this, why will a right thinking person go to the bank and make a cash withdrawal of 500,000 and above when you can actually pay whoever through the cashless system via E- channels.

Our simple excuse is " the local trader out there doesn't know what a bank account is" this is pure ignorance and we can never move ahead when we are always concerned about those who refused to embrace knowledge, put it to us and move with us,

let everyone one that is unbanked, key into the financial literacy and application for easy financial dealings.

From your one and true; Chartered Administrator, finance professional , Insurance and Risk manager. Adm. Salisu Al-hassan.
Good morning and happy new week