Benefits of cashless payments outweigh alternatives

The Central Bank Nigeria (CBN) has revisited the cashless policy it floated about seven years ago, but this time, with a resolve to ensure compliance with the imposition of subtle charges for die-hard cash transaction apologists, reports, SIMEON EBULU.

It’s almost four weeks now that the Central Bank of Nigeria (CBN) rolled its sleeves to give bite to the cashless policy which was launched way back in 2012. The policy has been running since then on more or less experimental basis, and there is no doubt that seven years is more than required to ascertain the veracity, or otherwise of its efficacy and convince any skeptic that electronic payment is the way to go.

The financial transaction trend with regard to  payments to merchants in the recent past, has proven that cashless transaction, electronic payment or e-payment is the way to go. Electronic payment has come a long way globally, still many struggle to compete because of Nigerians’ penchant, or  appetite for and propensity for cash transactions. It is common knowledge that many of traders and shop owners across the country prefer payments with  cash, so much so that most transactions  are done with cash. Thus cash remains the preferred medium for payments in the country.