The Central Bank of Nigeria aka CBN has been aggressively pushing a cashless policy, the central idea is that they want Nigerians, all 173.6 million (2013 figures) of us to stop using physical cash for daily transaction and instead use various e-channels to transact business.
These initiative seem not to be as successful as we would like it to be. I am yet to see people queue up to use their debit cards in stores rather than cash.
CBN is working hard, really hard to get this thing right. What then is wrong?
The challenge we have before us is that carrying physical cash around and paying for day to day stuff is much easier than going around cashless. (Can I really move around Lagos without cash in my pocket?) The technology looks not to be as reliable and mature as CBN and the banks would want us to believe it is.
I once tried to go cashless and was rewarded for my bravery by having to locate the nearest ATM and then head back to pay the good old way after the POS terminal malfunctioned.
CBN commissioned various mobile money companies in 2011. 3 years later, despite all the bogus claims these mobile money companies make, as a common man on the streets, I can boldly say that these mobile money vendors are yet to make any impact.
The question the good hearted people at CBN needs to answer is are we really innovating or just messing around? Or are we doing tech for tech sake??
The real challenge before the CBN is to sit down with the various stakeholders and ensure that going cashless is indeed easier and more efficient for daily transactions, it has to be easier than the current way we do things.
HINT: It will be very hard to get it right, but it is certainly doable. But if the only weapon in CBN’s arsenal is by introducing penalty fees for not going cashless, they are on their own.
__________
BUILD YOUR IDEA
This year, I want to assist 30 people to move their ideas from thoughts to reality, so I am creating the BUILD YOUR IDEA programme to get it done. I will teach you everything you need to know to convert your ideas into projects, businesses or startups. I do not plan to stop there, I also will offer some guidance as you step out to build out your ideas.
I have a track record of consistently moving ideas into products and startups. You will be getting access to practical knowledge, wisdom and ideas that I have gathered in my nearly 10 years of working in this field.
Interested? Click here
Watching The World
- With oil prices falling everywhere, FG has reduced Petrol Pump Price From ₦97 To ₦87
- Xiaomi, the Chinese company fondly touted as the Apple of China has launched a new line of devices intended to compete against the iPhone 6. (In other news, the founder does not wish to be tagged as the next Steve Jobs)
- I’ve had Cobhams Asuquo’s Ordinary People video on replay for the past 24 hours
