₦airaland Forum

Olalerey: Good day mr. chairman, the notable co-ordinators , the
impartial panel of judges, my amiable fellow debaters and my reputable
viewers. I feel high indeed on top of the world to vehemently stand in
at this august debate. I am here to oppose the motion, which say,s
'Cashless society should be introduced in Nigeria.'Before I proceed ,
i will lilike to expatiate a little bit on the meaning of a cashless
society.



A cashless societz is a society where cash(money) is not
carried about as a result, payment of goods and services are made through
electronic means and by the use of quasi money(Quasi money is a money
that is neither a note nor a coin). With this my explanation, I don't
think cashless policy should be introdtced.



Firstly, it may lead to the delaying of people wio engage
in business to carry out their normal duties. If the policy is
introduced into the economy, businessmen will be delayed in their
profession or they will have to look for a way to circumvent the policy because they (businessmen) will not be
allowed to transzact business normally as they have been doing in the
past. For example, if the policy is ratified , individuals will only
be allowed to withdraw nothing more than #150,000 while corporate body
will be allowed to withdraw the maximum of of one million naira,
whereas the money they(both businessmen and corporate bodies) use are
more than that, so the policy easily slows down their normal business
atmosphere or assuming that after purchases and there was no nework from the
cash point or that the server developed problems , what will happen?



Secondly, it distorts the economy of the country, Although
the policy is aimed at mobilising funds in the economy but it hampers
the growth of the economy ,as the normal business methods have been
hampered , thereby leading to low capital imputs and yielding leads to 'disguised unemployment'. This policy also lead to disguised
unemployment as people who engape in business that needs a lot of cash
for transzaction will not be opportuned or what will be their
plight?Also, there wil also be low employment opportunities at the
bank sector , since, the policy does not allow the mobility of cash,
so majnrity of those commercial banks will employ technological
intensive rroduction rather than labour intensive production.
low
national income, hence low standard of living.



Moreso , it lacks socio-economic support. Majority of the
people did not have adequate knowledge about the policy, thereby they
develop lukewarm attitude towards the policy. Also, people have been
addicted to the act of taking cash at hand during transzaction of
business so as to be on the sapfer side. Also it has been known as the
peoples' way of life so can they no simply change all in the name of
technology life?


In addiction, it destroys the intention of of mobilising funds from the rural dwellers. This is so because they
may keep the little moey they have, havin the fear of loosing it. It
further allay fears in the minds of those thay may have cash to
withhold it as they may not be able to get it back from bank easily.
Hence ,all these lead t6 low money or inbalanced money in circulation.



The only solution , I can suggest that will easily create
another avenue other than cashless policy is that the ast of keeping
of some handy case incase of any dissapointment from the person's bank
through network or server problem. lso ,the state of security should
be improved for those people that will taking cash all around fron
transzacting business.
(paragraph) I can also hear my learned opponent saying that fraud,
corruptionand theft will be reduced if cashless policy is introduced,
but it is obvious that A.T.M even encourage more fraud through some
internet 'scammers' or theft through gun point at cash point.

My amiable chairman, I think with these my afore-mentioned
points , I have convinced you that ''CASHLESS POLICY SHOULD NOT BE
INTRODUCED IN NIGERIA''.THANKS.


REFRENCES

1 Academia.edu.ng
2 thisdailylive.com
3 chattered.com.