Navigating Nigeria's Cashless Economy: Tips for Everyday Transactions
The question of how Nigeria's implementation of it's cashless policy is fairing, is big on the hearts of many. Recently, it's apex bank, Central Bank of Nigeria, raised concerns about the reduction of cash in banks and increased cssh flow outside its premises. As the nation grapples with the transition to a cashless economy, citizens are experiencing a mix of challenges and opportunities.
While the policy aims to promote financial inclusion and reduce corruption, its rollout has left many Nigerians wondering how to adapt to the new normal. Here are some practical tips to help you navigate everyday transactions in this evolving financial landscape:
1. Have Multiple Payment Options
From POS machines to mobile apps like Opay and Kuda, having more than one payment method is essential. It ensures you're not stranded if one network fails—which happens more often than we’d like to admit.
2. Always Confirm Transfers Before Leaving
When making bank transfers, insist on confirming receipt before parting ways. A screenshot isn’t proof enough. Ask for an alert or a statement.
3. Keep Small Cash Handy
Though we’re moving cashless, there are still places where cash is king—like local markets or public transport. Keep small denominations to avoid awkward situations.
4. Beware of Scams
With digital transactions comes the rise of fraudsters. Never share your PIN, OTP, or sensitive details. Be wary of calls claiming to be from your bank.
5. Learn to Troubleshoot Transaction Delays
If a transaction hangs, know how to escalate. Contact your bank’s customer service immediately and keep receipts handy for follow-up.
Nigeria’s cashless economy may still have its rough edges, but with preparation and flexibility, you can navigate it like a pro. After all, innovation is the Nigerian way.
See also: Street Smarts Every Nigerian Should Have
