‘Cashless economy success depends on security, adequate infrastructure’

 

By Waliat MusaBy Waliat Musa

Cashless Economy

Executive Director of UAC Nigeria Plc, Dr. Joe Dada, said speed, security, trust and adequate infrastructure are necessary conditions for achieving a successful cashless economy.

 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.