₦airaland Forum

BluntTheApostle:
It is not about the technology, but the ethical matter of choice.


Sweden is going totally cashless this year, but I am sure there would be cash consideration for the vulnerable.


So full cashless economy is plain unrealistic for now.






The cashless policy is the alternative. Why have an alternative that is not going to address the problem? It is even going to worsen it.






Laying a foundation without addressing existing structures would amount to nothing, or even be counterproductive.



For example, we have had of CBN complain about banks sabotaging their efforts. Why not tackle that obviously corruption driven issue first before demonetizing.


Look at Sweden. They say they are finally going cashless in 2023. They didn't start today or yesterday. Years of planning, or setting things in order, went into it. In fact, Sweden has been planning it for the past 20 years. They invested heavily in sensitization so much so that the percentage of people who made cash transactions dropped from 40% to 9% in 10 years (2010-2020).


Do not also forget that when it comes to currency innovation, Sweden tops. In case you don't know, Sweden was also the first country to introduce bank notes. Now, they will also become the first country to do away with them.


Yet, it took them years of planning.







There is no opportunity here. That is the point. Our internet infrastructure is weak. Phone penetration is just as weak. Sensitization is mostly carried out up north. We don't have adequate power supply to support the cashless policy. No fuel or expensive fuel to power our generators.



No, we are not ready.

ParasiteWest:
There cannot be a right government until the West is put in their place. The interest of the West in developing countries is to make sure the developing countries remain impoverished so the citizens of those countries would find migration to the West for 'greener pastures' attractive where they're then exploited and exposed to modern day slavery. Their intent is to keep the West as a 'paradise' in the minds of the manipulated public. The West influenced the politics of Africa directly/indirectly. The right govt will get the 'Gaddafi treatment'

AnyanwuSilas:
I'm an Igbo man and not a Muslim, I know what's good for Africans, it's the West that destabilise our continent and take our best brain, why should I live in the US or RUSSIA when chance is being created by Russia to build my home? Russia have more nuclear warheads than the US, nobody will win a nuclear war, it will simply destroy the world, as an African it's better the world be destroyed and sent back to stone age instead the US will enslave the world, you think Russia is alone? The US are hypocrite, what did Obama do for Africans as a black man? they rather used him to destabilised Africa, was it not Obama that killed Gaddafi, Let’s be Frank, a multipolar world is better than one world order.

stev120:
They just pass the first gate, (though body tell them) the second gate is that they can't stock the new naira note like the old ones, it will decompose and you know terrorist don't save in bank.

I will tell you the third trap after passing this one

chijike:
Good citizenship and putting this Nation first is an integral parts of ethics. Corruption and other vices are not necessarily the commoner's choice any day.

Cash Consideration for the vulnerable, as you said, is permissible as long as it is appropriately regulated. That should not deter going completely cashless.

Going cashless will ensure accountability and reduce corruption and criminality to the barest minimum.

Once we lay the proper solid foundation, it's only natural that suitable structures will emerge.

Banks will only engage in corrupt practices if the rewards are commensurate. But imagine if there was little or no way to reward corruption.

The cashless policy is familiar in Nigeria. The CBN has gradually come up with a lot of it in recent years. We need to take the bull by the horn.

The opportunity has come once again. Our people need to know the adverse effects of relying too much on cash in this economy. Again broadband penetration is almost 100 percent. If we can depend on BVAS, we can go cashless.

It's not fair to say Nigeria is not ready. We have the necessary infrastructure, and that is broadband availability.

Themandator:
I'm sorry to say this but you are an idiot . Have you seen a politician without aides for everything under the sun?

quentin06:
Politicians or their aides don't goto bank to queue for money, everyone knows this.

Keep living in denial.

BluntTheApostle:
Just stop the delusion.



Nigeria is not ready for a cashless economy.


No adequate power supply, costly fuel, low minimum wage, poor internet infrastructure.


Let me shock you. Even the whole world believes Sweden is not ready. They are however watching to see whether Sweden would be able to pull it through.