Nigerian entrepreneurs are optimistic policy been gradually implemented by the Central Bank of Nigeria (CBN) would be good for business. In this week’s series, business owners highlight its merits..
SAIDI BALOGUN
There is nothing wrong in the policy. Cashless policy reduces the risk of being attacked by thieves or armed robbers. Also, it reduces reckless spending.
It’s a nice policy. It also works abroad, and they are enjoying it. If it’s allowed to work the way it should, it will save us so many things, including fraudulent practices in every sector of our economy.
The only effect it may likely have on my business as a movie producer is that it will make payment difficult on movie location, and this may slow down a lot of activities.
BANKE ADEWUNMI
Honestly, it’s a welcome development as far as I am concerned. There is nothing better than cashless policy if our economy must be devoid of fraud. It’s also safe because you don’t need to move around with large volume of cash anymore.
A lot of enlightened people are not complaining. That’s the category most of my clients belong. So, it has little or no negative effect on my business. But I think there is need for more awareness campaign about it by the Central Bank of Nigeria (CBN).
OKE OLANREWAJU
For me, it’s good and I am in support of it since it’s going to reduce the high usage of cash, moderate the cost of cash management and encourage the use of electronic payment channels.
The effect it will have on business is that, it will negatively affect uneducated Nigerians and there would be availability of cash in the ATM. Another one is the aged people that would be negatively affected and also bring inefficiency of ATM.
FEMI KUMOLU
FK Clothing
I think it is not new in Nigeria, the Central Bank of Nigeria (CBN just made it official which I commend. It promotes business development and encourages more sales.
SEMIU ADEWUNMI
Property Kleaners
It is a sign that we are moving forward. The cashless policy will not only discourage carrying of large cash around, it will provide jobs.
We have not started using it in our business, I have been to many places where customers pay through POS and other debit cards. I think it will encourage people to buy goods and pay for services without carrying cash.
ELKANAH MOWARIN
EOM Group
The CBN cashless policy is a good initiative. The implication is that less cash would be in circulation. It also encourages 24/7 cash transfers. I think it is an indication of a developing financial system with all its challenges.
The implementation should be progress systematically so as not to frustrate Nigerians
UZOR NGOLADI
MedIa Strategia Blast Ltd.
The CBN cashless policy is one of the best things to happen to us as a nation. Ensuring the flow of cash at any time of the day, it means one can transact business at any time without going to the bank. It hence reduces the risk associated with carrying cash. There is however the need to educate the public on the policy.
PRECIOUS KALU
Precious Boutique
The cashless policy, I think, is for the good of the people. The problem we as business people face is that the customers don’t understand it. It will greatly reduce theft, because all we will be carrying around is card, instead of loads of money. I really think it will do us a lot of good.