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Several years back, it was difficult to convince people to limit the amount of cash they carried around. There were also reservations as to the efficacy of the cashless system. However, right now, we are typically running a cashless society. Although a few people remain resistant to this change, we cant be far from the obvious. A cashless society is a way to go.

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Despite the fact that there are some loopholes in the operation of a cashless society, there are glaring reasons why we should gladly embrace it.

In this article, I outline a few advantages of a cashless economy. So, do you still have doubts? Let’s find out why we should jump right into it.

Crime Reduction

To an undeniable extent, a cashless economy has helped and will continue to reduce fraud associated with carrying cash. Cash-based crimes such as theft can be drastically reduced. Gone are the days when people carried bundles of naira notes in “Ghana-must-go bags or stored them in their houses. To be true to ourselves, at those times, it was very common to have criminals snatch these bags from people or break into their houses to rob them.

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Although this kind of crime still prevails in certain areas, it has drastically reduced.

No forged currency

At the time when cash was majorly transported physically, it was easier to forge currencies. For instance, during a business deal, a fraudulent party might insist on cash payment, and when this is done, the unsuspecting party gets a bag or box filled with fake naira notes or whichever currency the deal was agreed to. Presently, you can simply transfer money via bank transfers, crypto wallets, POS, and several other platforms. It is now more difficult to forge currency notes.

The proliferation of digital payment systems

With the rise in digital payments, the development of fintech has been at its peak. Different fintech startups are springing up every other day, and this just simplifies payment the more.

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Now, we have more payment options. There is also healthy competition, as these fintech companies try to optimize their processes to provide the best services. In Nigeria, fintech companies that have sprung up recently include, OPay, Remitta, Flutterwave, Interswitch, etc. Most definitely, this list will keep being added to, since there is a need to make the cashless economy more bearable for users.

Ease of payment

We cannot talk about the advantages of a cashless economy without highlighting its role in making payments easier. Of course, the proliferation of these digital payment systems is for the sole purpose of making the process smoother by the day. With the cashless economy, people are not mandated to transport cash. People don’t even need to leave their homes to make purchases anymore. Now, you can search for a product online and make payments immediately. This also makes the process transparent, for both local and international payments.

After reading this, I believe you shouldn’t be worried about accepting the cashless economy. With this, you know what the benefits are and why you should tap into it. And it could be by being an active user or a force to reckon with in the fintech space.

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This article was first published on 26th June 2022


Chidiogo Shalom Akaelu holds a degree in English and Literary Studies, from the University of Nigeria. She is a freelance writer, editor and founder of Loana Press, a budding online publishing outlet.

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