The present failure of cashless transactions in Nigeria has raised serious concerns about the fragility of our digital economy. While there are certainly benefits to a cashless economy, introducing such a policy requires cooperation and planning from all stakeholders, as well as realistic implementation plans including proper testing.
@iamjidaw Is cashless in Nigeria’s Digital Economy ready for the present and the future? Long queues, crowded banks, and endless complaints of failed cashless transactions highlight the fragility of our digital economy. We need urgent action and accountability from all stakeholders to ensure reliability and pave the way for a seamless cashless future. Join the conversation now #NigeriaDigitalEconomy #Nigeria #CashlessTransactions #ReliabilityMatters #iamjidaw #jidaw ♬ original sound – jidaw
As someone who has had experience in this area, I can imagine the pressure tech professionals and IT departments in the banking sector are facing. The ability to execute these plans is critical, and the unreliability of cashless transactions must be addressed with urgency.
This is not just a banking and finance challenge. Professional associations, advocacy groups, and other stakeholders who promote the “digital economy” must make decisive contributions to address these challenges, which not only erode trust in digital financial services but also limit our access to banking facilities.
The digital economy requires reliable technology and infrastructure. Have we invested enough as a nation in digital and financial education, technology, infrastructure, regulation, and strategy? The entire situation is not just a matter for the Central Bank of Nigeria (CBN) and the banks. Have Nigeria’s banking and finance sector as well as the ICT sector done enough? Additionally, do our regulatory frameworks ensure accountability for financial institutions?
In conclusion, we need a practical and sustainable digital economy that works for all Nigerians. Cashless is integral to that economy. It’s important for all stakeholders, especially players, regulators, professional associations and advocacy groups in technology and telecom infrastructure, to move beyond just holding conferences and seminars and raising slogans. They must take concrete actions to address the challenges facing our digital economy and promote a more reliable and accountable cashless ecosystem.