The cashless policy in Nigeria is a government initiative aimed at reducing the amount of physical cash transactions in the country.
According to the CBN, the policy requires individuals and businesses to carry out most of their transactions through electronic means, such as online banking, mobile banking, and debit or credit cards.
While the policy has its benefits, including reducing the incidence of cash-related crimes and enhancing financial inclusion, it also comes with some challenges, such as a lack of infrastructure and the high cost of electronic transactions. Here are some ways to cope with the effects of the cashless policy in Nigeria:
Embrace electronic payment methods: One of the most effective ways to cope with the cashless policy is to embrace electronic payment methods. You can start by using mobile banking apps, online banking, and debit or credit cards to make payments for your goods and services.
Be cautious when using electronic payment methods: Electronic payment methods, such as online banking and mobile banking, are susceptible to fraud. To avoid falling victim to fraudsters, ensure that you use a secure network when carrying out transactions. Keep your login details confidential and regularly monitor your account for suspicious activity.
Plan your expenses: The cashless policy can make it easy to overspend, as you don't have to physically part with your money. To avoid overspending, plan your expenses beforehand and ensure that you stick to your budget.
Use alternative payment methods: In cases where electronic payment methods are not available or may be inconvenient, consider using alternative payment methods, such as cash transfers or cheque payments.
Take advantage of incentives: To encourage the use of electronic payment methods, banks and other financial institutions offer incentives, such as reduced transaction fees and cashback rewards. Take advantage of these incentives to save money.
Keep cash on hand: Although the cashless policy discourages the use of physical cash, you also need to keep some cash on hand for emergencies and situations where electronic payment methods may not be available. By doing all these, you can cope effectively with the effects of the cashless policy in Nigeria.
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