Business Opportunities From The Problems Of The Naira Redesign Policy. - Business - Nairaland
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| Business Opportunities From The Problems Of The Naira Redesign Policy. by OkodiDenzel: 5:09pm On Feb 21, 2023 |
Preamble While its no more news that the Naira Redesign policy is here to stay amidst the attendant issues, its safe to say that it has provided some opportunities for the smart ones and early birds by the problems it came along with. We need to start articulating some of these issues with a view to seeking practical solutions. I will try to list some and you can add yours. Potential Problems 1. Network issues, dispense errors, service providers bandwidth capacity, remote locations with poor connectivity 2. Identity theft, scammers, hackers, 3. Illiteracy, physically challenged persons 4. Portability of devices e.g. ATMs, PoS machines etc. 5. Terminal/equipment cost, Transfer charges especially for SMEs, data cost for users We can also look briefly at some of the problems it has helped us to overcome Possible Solutions 1. Payment/ personal spending can be easily managed and better tracked. 2. Lower incidence of misplaced or stolen monies 3. Potential to curb artificial inflation or arbitrary price increase from scarcity of 'change' 4. More online or digital sales expected 5. Payment services likely to improve security layers of online transactions 6. Escrow services may likely improve to handle online sales and deliveries 7. Fake or counterfeit money, cost of cash management, contagious diseases from handling of fiat currencies etc. Outlook for Innovators to curtail some of these issues 1. Design electronic wallets for everyday use without the need to carry debit cards with your WHOLE LIFE SAVINGS everywhere you go 2. Design ATM machines for loading e-wallets like ATM cards. 3. Design mini or micro PoS machines that can be attached with android phones or devices 4. Design chips that can be used by transport service providers that allows you to scan and pay instantly. 5. Design PoS machines that can load e-wallets for users. 6. Design new security layers for FinTech etc. Seun Mynd44 lalasticlala mukina2 rocktation justwise oam4j nlfpmod Dominique Dragnet
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