By Waliat MusaBy Waliat Musa
He, however, pointed out that the high cost of infrastructure acquisition,
installation and maintenance could pose serious challenges to achieving a
vibrant cashless economy.
Dada stated this in his book titled,
‘Cashless Policy: Evolution and Execution in Nigeria’, which was presented in
Lagos, yesterday.
The book provides insights into cashless
evolution, its effectiveness in Nigeria and the challenges faced in the past
few months on the heels of the naira redesign.
Speaking to journalists during the
presentation, Dada said small and medium enterprises (SMEs) suffered greatly
during the recent cash crunch.
Adding that the cashless policy was a wake-up
call to fintechs, he urged them to go through the proper channels to be
licensed.
Dada charged the incoming administration to
work on monetary, fiscal, and trade policies to bring foreign investors into
the country. He suggested that the right people should be appointed into
critical offices.
The book came at a time when many countries
around the world are moving towards a cashless society, and policymakers are
grappling with the challenges and opportunities of the transition.
It explores the pros and cons of the cashless
transition and its potential role in shaping the economy.
“Monitoring and evaluation of policy
implementation procedures seem to not incorporate feedback from the public,
while Sweden has gone ahead to use the cashless system to trail money
laundering, its implementation of the system was gradual with the incorporation
of ticket purchase using credit cards or payment through mobile phones,” the
synopsis says.
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