₦airaland Forum

Good morning Nairalanders,
I want us to discuss about this CBN cashless policy, its effect and possible solution.

Let me start.
As the apex bank had explained, the cashless policy is aimed at scaling up financial inclusion and reducing cases of armed robbery, kidnapping, terrorism financing, advance fee fraud, graft, ransom payment, extortion and other crimes.

Has this been achieved? The answer is No.

Its has affected alot of sme, because Nigeria has been a cash economy and most of our economic activities and commerce are cash transactions respectively. Many businesses are forced to close down. The masses are suffering due to limited cash availability, people resort to buying cash. Like to purchase 1000 naira you have to transfer 1300. Its that bad.


So what is the solution?

The solution is for CBN to heed to the supreme court ruling on this cashless policy. On or before December people would have done the needful and the financial institutions strengthen their e transactions network.

Lets hear yours

Make everybody buy pos machine.

Goodmarlian:
Make everybody buy pos machine.

.
Like everybody? How's this possible.
What about consolidating the e - payments platforms and upgrading the networks speeds.


Talking about everyone getting pos...


So that tomatoes hawker show own a pos? To get a pos cost about 20-30k o.