I seem not to understand what this government is up to. At a time when the government ought to be making laws and policy that will create employment, they are making laws that will put more people into “unemployment” status. Or rather, making laws that will enrich the few elites at the expense of the poor masses.

Did the CBN and banking committee actually think things through before deciding to put this law in place or are they doing this just for their own personal interest, because the revenue from the charges is been shared between CBN and the Banks.

Maybe somebody can help me out, but after so many researches based on the setting of the Nigerian cash flow, the Nigerian Bank/branches distribution and the availability of mobile network across the nation, am yet to see the advantage of this cashless policy.

Without much explanation, let’s take a look at the effects of this policy on the average Nigeria and the economy.

1) Unavailability of network in some rural areas of the country:- It will surprise some of you to know that some states have heavy markets that transact on cash. Now, tell me how those traders will survive. Imagine someone coming from the town to one of those village market to make purchases. He doesn’t have a particular customer that he buys from, as he will have to price and get the best value, so he can’t necessary make transfer to the seller before he comes. Now, on reaching the village, he makes a purchase of say #600k. How will he pay the seller? When there is no bank close by or mobile network to make transfer either using mobile banking or USSD. Mind, POS also work with mobile network/GPRS.

There are a lot of such markets in Nigeria, go to Katsina, Zamfara, Jigawa, Kano and even Enugu, you will see heavy markets where millions of naira is transacted on daily basis and in those areas, you hardly find banks or even network to make transfer. There is this cattle market in Wudil, Kano state. Even though the town is developed a little, there is just one bank there. How then do you think the buyers and sellers will settle each other?

2.) Increased insecurity: - When the policy is now fully in place, some business men that deal on raw cash might start to keep their cash at home or shops in other to avoid bank charges, and you know the result when the bad guys know you are keeping money with you. Those of you in support of this think that everywhere is like Lagos where everyone is exposed and have either an ATM or have a mobile phone that can perform banking activities.

3.) Increase in electronic fraud: - We all know how our country is, we know the extent online scammers go in trying to get your “cashless aided transaction” devices and details. I believe they will be having a field day in scamming people when the cashless start since there will be an increase in cashless transaction in which some of the bearers/initiators are new into the system.

4.) Loss of jobs:- imagine how our banking hall will look like when the volume of cash that normally flows into the bank on a daily basis have been reduced by 70-80%.... this means that some banks might not need much front office staff since they will basically be doing nothing. Now, also look at company reps whose sole duty is to collect cash from distributors and pay into the account of their corresponding company.
What do you think will happen to such reps when the policy is up, cos the max amount you can pay into a company per day is #3M as against the millions of naira that flow into the account of all these big companies by cash deposit.

5.) Negatively impact on some banks:- Some banks in Nigeria are only surviving on the funds of individuals as they do not have much account that belongs to big company that can boost their deposit base. Now, when those individuals starts to hoard their cash in other to avoid charges, the bank will seriously have a reduction in their deposit base. I think we all know what that means.

Let me stop here for now in other not to bore you with long post, but from my own stand point, I don’t think this policy is friendly to our present situation.
And plz, mk nobody tell me say cashless will help stop movement of cash by politicians as that is not true.
My reason is that, when someone steals money and wants the cash, I don’t think he will mind the charges since he did not sweat for the money.
I stand to be corrected, but can someone plz tell me the advantage of this cashless policy to the average Nigerian.

lalasticlala....
mynd4

My fear is not about these problems you've mentioned but I am afraid of the day the Nigerian banking sector will go on its knees due to a cyber attack.

On such day, can we survive it? Just my personal opinion and fear. It may not really happen but what if?

psucc:
My fear is not about these problems you've mentioned but I am afraid of the day the Nigerian banking sector will go on its knees due to a cyber attack.

On such day, can we survive it? Just my personal opinion and fear. It may not really happen but what if?

I don't think the whole sector can be under cyber attack as the don't use same network.