The cashless policy in Nigeria has been a major goal of the government for many years, but it was not realistic until recently due to the ongoing cash crunch. This shift towards digital payments has had a major impact on everyday life in Nigeria, as commuters are now paying transportation fares through bank transfers and other digital payment options. Additionally, even market women who sell goods such as corn have started to accept remote transfers from customers instead of physical Naira notes.
Daniel Kuku, a commuter from Lekki Phase 1 in Lagos, said some commercial drivers had started accepting transfers.
“I recently paid bike fare through transfer, and the bike man accepted it,” Tolu Ella, a student, said.
Victoria Korede, a worker in Lagos, told RateCaptain that she has been using transfers to pay for her roadside food, and she was fascinated that even the roadside sellers are going cashless.
“I have not held cash since the beginning of the cash crunch; it has been transfers all through, and I am happy about it,” Mrs. Adaeze told RateCaptain.
This move away from traditional forms of currency is beneficial for both consumers and businesses alike because it allows them to make transactions quickly and securely without having to worry about carrying around large amounts of money or waiting long periods for checks or money orders to clear. Furthermore, this shift also helps reduce instances of fraud since all transactions can be tracked digitally with ease, which makes it easier for authorities to investigate any suspicious activity that might occur during these types of exchanges.
The adoption of this cashless system among Nigerians appears quite high given how quickly they have adapted their lifestyles around this new form of payment. However, there is still much work that needs to be done if we want our economy to be fully transitioned over time to a cashless system. Therefore, more efforts should be taken by both private citizens and public institutions alike to ensure that everyone understands how important safety measures are when using any type of electronic transfer service while also providing access to those rural areas where internet connections are not readily available.
