Going Cashless: My Experience with Nigeria's New Cashless Policy

The new cashless policy implementation in Nigeria has been a topic of discussion in recent times. The policy was introduced to promote the use of electronic payment systems and reduce the amount of cash circulating in the economy. As a Nigerian, I have had firsthand experience with the new policy, and while it has had some positive effects, there are also some areas where improvements could be made.

One way the policy has affected me is by reducing the amount of physical cash I carry around. I now make use of my debit card more frequently when making purchases, and this has helped me to keep track of my expenses more efficiently. The use of electronic payment systems has also helped to reduce the risk of robbery, as I no longer have to carry large amounts of cash on me.

However, the new policy has not been without its challenges. Some businesses are yet to fully embrace electronic payment systems, and this can be a problem when making transactions. There have also been instances where the point of sale (POS) machines are not functioning, leading to delays in payments and frustration for both customers and businesses.

To make the policy more effective, it is essential to ensure that all businesses have access to POS machines and other electronic payment systems. The government should also consider subsidizing the cost of these systems to encourage more businesses to adopt them. Furthermore, there should be a concerted effort to educate the public on the use of electronic payment systems, so that more people can benefit from the policy.

In conclusion, while the new cashless policy implementation in Nigeria has had its challenges, it is a step in the right direction towards a more efficient and less cash-dependent economy. With the right measures in place, the policy can be further improved to benefit more Nigerians in the long run.