Did you ever send money to Nigeria or elsewhere through a digital platform? According to The Financial Times, formal credit cards were uncommon in Nigeria in 2002, ATMs were unusual, and banks were unable to communicate correctly. Despite this, a decade of innovation and technological advances has resulted in substantial progress, with Nigeria now being cited as a model example in the payments space.
Nigeria currently has nearly 25 million bank cards in circulation, 12,000 ATMs, and many online payment options. Today, Nigerian expatriates in foreign countries send money to Nigeria online. While substantial progress has been made toward a cashless economy and reduced financial exclusion, Nigeria still faces economic challenges.
What Are the Circumstances in Cashless Nigerian Society?
The switch to an online money transfer system in an ostensibly called “cashless” society raises a slew of issues, including protection, privacy, crime, and digitalization. We must all be comfortable with this new change as a culture. Otherwise, the urge to revolt would become more prevalent. Debit cards, credit cards, internet banking, and other financial services have gradually brought society into the acceptance zone, allowing for online money transfer to Nigeria and worldwide.
What Are the Initiatives of Cashless Nigerian Society?
For various factors, the Central Bank of Nigeria (CBN) introduced the cashless economy policy plan that was already in use globally. This necessitates the following:
- Increase the growth and modernization of receiving and sending money to Nigeria online to achieve the vision’s 2020 target of becoming one of the world’s top 20 economies by 2020.
- Create opportunities for economic development and lower banking service costs (including the cost of credit)
- Increase financial inclusion by making transactions more effective, resulting in a broader scope.
- Improve the efficacy of monetary policy in promoting economic growth and controlling inflation.