The cashless policy in Nigeria has been implemented to reduce the use of physical cash and encourage electronic transactions. While this policy has its benefits, some individuals and businesses may find it challenging to adjust to the new system.
6 Ways To Deal With Cashless Policy in Nigeria
Here are some ways people can deal with the cashless policy in Nigeria:
- Open a bank account: One of the first steps to take in dealing with the cashless policy is to open a bank account. This will enable individuals to access various electronic payment channels such as debit cards, mobile banking, internet banking, and Point of Sale (POS) terminals.
- Learn how to use electronic payment channels: To effectively deal with the cashless policy, individuals need to learn how to use electronic payment channels. Banks offer training sessions and customer support services to help customers understand how to use these channels effectively.
- Carry out transactions online: With the cashless policy, individuals can carry out transactions online from the comfort of their homes or offices. This eliminates the need to carry physical cash around and reduces the risk of theft or loss.
- Use mobile money services: Mobile money services are becoming increasingly popular in Nigeria. They allow individuals to carry out transactions using their mobile phones, without the need for a bank account. This is particularly useful in rural areas where there is a lack of banking infrastructure.
- Embrace the use of POS terminals: POS terminals are electronic payment devices that allow individuals to make payments using their debit cards. They are becoming more common in Nigeria, and businesses can acquire them to enable their customers to make electronic payments easily.
- Plan ahead: To avoid being caught without cash, individuals should plan ahead and ensure that they have enough funds in their bank accounts or mobile money wallets to carry out transactions.
In conclusion, the cashless policy in Nigeria is aimed at reducing the amount of physical cash in circulation and encouraging electronic transactions. While it may take some time to adjust to this new system, individuals can effectively deal with the cashless policy by opening a bank account, learning how to use electronic payment channels, carrying out transactions online, using mobile money services, embracing the use of POS terminals, and planning ahead.