Managing Director, JumiaPay Nigeria, Adedamola Giwa, has said the vision of a cashless society, while ambitious, holds the potential to bring about a range of benefits for the country and its people if implemented correctly.
He said as the world becomes increasingly reliant on technology, the traditional way of doing business was no longer feasible and that cashless society offered a more convenient and secure alternative to physical cash.
Giwa stated this in a release, yesterday, against the backdrop of criticisms that have trailed challenges faced by Nigerians following the recent CBN redesigned naira and limitation to cash withdrawals geared at boosting cashless transactions in the country.
Giwa tasked Nigerians to embrace the policy saying its transformations in the financial landscape have significant effects on government, businesses, and society at large.
He said: “The benefits are numerous, from faster transactions to reduced costs and risks associated with physical currency, such as theft and fraud. In the past, a cashless society was not an entirely new concept. However, with digital technology, it is now more achievable than ever. Electronic fund transfers, mobile payment apps, and digital wallets are now part of our everyday lives, and Nigeria is no exception. With the cashless policy, the country is on a path to become a cashless or cash-lite economy, and this presents an unprecedented opportunity for digital payment providers.”
He said amid the current shortage of Naira in circulation, Nigerians were turning to alternative payment options. He urged payment solutions providers, banks and other financial institutions to ensure businesses could operate and receive payments seamlessly online.
Giwa said JumiaPay was committed to helping its customers grow their businesses by providing them with seamless payment solutions and free consumer promotion and advertising.
He said despite the challenges, the push by the CBN to modernize the country’s financial system to enable individuals and businesses to enhance their financial efficiency and security was commendable.
“This will pave the way for new innovations from digital payment providers and also encourage financial inclusion. As Nigeria continues to embrace the shift towards digital payments, it is vital that all stakeholders work together to ensure a seamless transition and maximize the benefits that a cashless society can offer,” he said.