The cashlite policy of the Central Bank of Nigeria is designed to reduce the number of cash based transactions in the economy and blah blah blah. Few are talking about the risk of the cashlite initiative. Well lets take it a bit official. Going Cashlite, that is a familiar song you must have been accustomed to. Well the advantages are numerous, permit me to chorus the lines you already know.

Cashlite Policy

Calculate money – Bilsmore

Safety in dealing and concluding financial transcations.

Quicker effecting of payments, and value for maney.

Ensure transparency and accountability in money based activities

Eliminate the incidence of fraud, stealing, robbery.

And this and this and that.

Imagine a scenario when you enter the bank to collect funds for whatever reasons and the cashier is reminding you of a charge that may occur for collecting your own money. Isn’t it that outrageous you need your money in real cash and it’s your right to have it in the generally accepted medium of exchange?.

And now to make the matter worse, when you exceed stipulated limits for cash inflows, you incur additional charges again.

You may add more points if you are the effico type. Simply borrow some lines from your Economics textbook. Don’t ask me if I got mine from there. Really I won’t be surprised if Cashlite Policy is already included in our secondary school curriculum.

As an IT geek. I love the cashlite policy, I savour it. I chorus it and support it.

And there are many initiatives to it.

Imagine sitting in the comfort of your home watching an home video if you are not me and getting every done at the palm of your fingers. Imagine the different scenarios: Getting the groceries, paying the DSTV bills , utility bills inclusive, even the food can be ordered to your doostep.

And what about the risk,

Guys, have you ever been hacked. 

Have you ever received alerts informing you of un-authorised debits from your account.

Or your card declined because you have exceeded the spending limits when you can swear that you had never used the card for once.

Sorry, they say life is bitter-sweet. I think I concur.

All the same, the world is moving fast, and Nigerians have to move along with it. The cashlite era has come and will likely stay with us for a long time.

The second part of this post will be published soon, but till then I’d like to hear your comments.

View the shortlink version here