Bitcoin Forum

I think the cashless policy made people understand about online  banking and also not to work around with larger amounts of money people are now adopting the policy of transfer and which it has been of good use to people being extremely careful and not being robbed by hoodlums, infact at the comfort of your wallet one can work around with larger sum of amounts on a online wallet.... and aslo transition using digital currencies helps to reduce cost of spending and saving habits

 Aren't you just making yourself a target by carrying an expensive smart phone to use as a digital wallet which you will inevitably be using non-stop to live-broadcast your every move on your social media accounts or for checking the price of your digital currency.  This extra appendage is plainly visible and likely worth more than the wad of cash you would have had stashed away in a leather (or faux leather) wallet in your hip pocket to impress your would-be girlfriends.  Out of sight, out of mind though.  I think cash is the way to go... you can carry it in your sock or underwear - you certainly don't want to keep your phone there... microwaves!  Ouch.

since that COVID 19 period when a lot of people discover say e de safer and more convenience to transact on a cashless bases, it has affected the way people handle cash and the effect normally na on a positive side. most times, withdrawing money na to just use am for small small purchases while for transaction when reach 10k and above, no one really wan de use physical cash make that kind of transaction.

even though the reduction of the amount when people de carry don reduce, the effect be say once some bad guys wan target you, na to collect your phone force you to do transfer for them when normally de worse that physical theft. because most people de always leave some amount of money on their wallet, once you misplace your device, you risk losing all your funds to thieves.
this is not true. you know say you fit easily spend 100k within few minutes and you no go feel am based on say na just transfer you do? try using physical 100k to buy something and see how difficult e go be based on say the money go look really much. e banking de encourage too much spending and if you are not careless in managing your finance, your money fit de quickly finish before time.

One of the major reasons why CBN brought this policy of online banking system was them to easily tax the citizens, as at today the CBN taxes you for virtually everything, if I should send you like 10k to your account they will deduct 50 naira from my account as the sender and also from your account as the receiver, so both accounts will be charged, most of us have complained that, this are fraudulent charges been carried by the CBN, they initially instructed the banks to stop giving out large cash to customer, so they could easily achieve some of this things. As for me, it didn't reduce criminality in our society, most of the criminals after stealing your phone, they wipe out everything in your account, so wether you have the cash at hand or in your account, hence your held hostage, you might unluckily fall victim.

To be sincere moving around with cash is very risky mostly when is a huge amount of money don't people get scared of being rubbed and I think the cashless policy has helped alot of people moving about without cash and those who couldn't make transfer with their phones learnt how to do it and also shops and market women who doesn't aspect transfer can now aspect transfer makes it easy for people who move with huge amount of money to now move with just their phones

We're moving into cashless policy, so it be hard to see people moving with huge cash. Excerpt you're a petty trader, if you enter market now every shop get pos machine for transfer now in Nigeria u go hardly see Aboki without pos sef, but the government dey frustrate the cashless policy with harsh taxation on debit card and bank transfer. 

This country tire person you dey talk about cashless policy to appreciate the naira yet u dey add tax for debit card and other means of achieving the cashless policy. If tax too dey for online transfer people go start to dey carry huge cash to avoid unnecessary taxation. Our government no just get sense.

See eh, of a truth this will not be possible if not for this micro finance bank wey don full everywhere like opay, palmpay, moniepoint, kuda etc, because if na only this our traditional banks, honestly e for no dy possible because the constant bad network wey come with their transaction for be a serious problem.
Just imagine say you go buy something and after eating if na restaurant and you attempt to pay and network no gree go, or e try go but the person (receiver)  tell you say him never still see the money, so in a situation like that you go just dy stranded because the person need to see the money you transfer first before him or her go allow you go which is very embarrassing, so for this cashless policy to get head for we country, na this micro finance bank make am possible because their network is the best ever when it comes to speed of transaction.
And when it comes to security, not walking with huge amount of money around dy very helpful, na to just protect your phone nai be ur only job, and if possible put PUK CODE for your phone so that even though them steal ur phone, them no go fit use ur sim loot money from ur account, so for our security this cashless policy na really welcome development.

Going digital or cashless has really helped the society at large because when we were growing up, we have heard so many stories of how people were robbed carrying currency notes around with a briefcase which resulted in a lot of theft cases as at that time but thanks to modern day technology now as most transactions now are done through electronic transactions no matter how huge the amount, and has helped reduce the rate of stealing money in the society.

E com be like sey na me dis cashless policy sweet pass sef. D easy of knowing sey I fit do anything or buy anything without thinking whether I forget my wallet for house or not na d icing be dat. In fact, I dey even avoid doing business with any person or joints wey nor dey accept transfer dis days. D thing get a certain level of comfort wey e dey bestow on us wey dey use am.

We are getting used to it. Even before some business centres they hardly accept transfer but now everyone doing business do accept transfer no matter how Small the amount is. I so much like the cashless policy because it has also reduce the rate of robberies from homes. At this age it's better for people to be digitalized, so that they can be use to the online transferring of money.

Nothing sweet me reach the cashless policy ooo, because if na before e get some occasion wey u no fit go base on sat u no hold but now u fit .in fact the cashless policy done really help reduce the rate of robbery in the society and also most of this politicians wey dey like steal our money with gahana must go ,I believe say the level of there stealing go also reduce.finally even old women wet be traders now get account and they fit even run transfers which is another awareness in terms of technology.

Based on the current hardship wey dey our country, any body wey still dey carry huge sum of money for bag dey expose themselves to robbery eh dey very risky cause people eyes dey red this period, I no feel say person go wan even take that risk especially now wey plenty businesses done dey accept transfer. Well that na one big benefit wey de cashless policy been help us with, although people been dey complain back then but eh serve as eye opener say we fit survive and carry out transactions without using paper money(Fiat) na so we dey hope say people eyes go still open concerning transacting with Bitcoin, wey be one of the major reason wey make Satoshi create am. However concerning out government stealing public money eh fit done reduce through the use of Ghana must go but believe me my brother these fraud politicians dey use pen theif money steady without giving account of am so that aspect never change yet.

There was a story I was told in my place concerning this cash of a thing, a family treasurer go withdraw all their money from the bank, him no no say in they with bad person way they fetish inside the motor and him they look the man way go withdraw the money very serious in the eyes, so when the man reach house and open the bag way all the money they, him no see any money again but instead na just paper full the bag, so na so everything take waka run.

When the man explains nobody believe am because na something way be say anybody fit do, so the truth of the matter be say, like say them they into online transfer all those things for no happen and nobody for fit come tell them another story of there money.

Brother, na true say online banking dey and e soft but na to some extent because me I still feel say same things wey dey happen with cash robbery still dey happen, dem just decongest the banks with the plenty online banking wey dey now. In fact this time around if bad boys collect your phone, one naira dem no go leave with you. Dem dey go around self with POS machine and e bad for you self say thief meet you for house these days you con dey waste time to release your PIN to dem.

Insecurity na wetin government need to tackle

Absolutely correct, the cashless policy really play a major role in the lives of the citizens, although it was very difficult as first but as time goes on, people already adapted and lived by the cashless policy system. I do refer this system, I can't even remember the last time I visited the ATM (automated teller machine) stored in banks. All I do make use of is the POS merchants that dispenses cash swiftly like the ATMs. We should do what's convenient for everyone of us because that's one of the ways to stay on the safer side in this country.

The government thought they were doing us bad but unknown to them, Nigerians are also people that can adapt to any bended situation. Nigerians can complain in the first phase but as time goes on, they're already use to the system, that's how they became the masterminds of the cashless policy. I wouldn't inccur any other methods because cashless policy is driven and imperative for our existence as humans in this counfry.

Is like Nigerians no even get choice now self than to go get use to using all online financial services available because banks no dey give you money wey you require. To even withdraw from ATM you get maximum of 20,000 if na your bank and other customers get lesser. So you go hardly see small businesses wey no get POS machine which has also created big business for POS agents. However, despite how the cashless dey go and new people dey come to the reality of it and adapting, the thing too get negative side. Cash robbery wey be part of the reasons for going cash less never still stop. And kidnappers too wey make government begin take cash away from people dey still require cash if them hold someone for their net. Omo I hear say kidnappers go require all the millions wey dem dey ask for in cash, no be small wahala oo.

Since the unavailability of naira notes in ATM machines, Nigerians withdrawing money from individual POS machines with charges on top, which results in Nigerians having less amount in their custody to walk with, preferring to make use of bank transfers quite often since the availability of naira notes is less in circulation to get from the banks, to get bundles of naira notes is what you will actually pay to get from individual POS machine. By the way, every store or business owner has a bank account to accept bank transfers.

That's just the fact. Almost everything that has an advantage, also have a disadvantage. Truth be said, the citizens trying to adapt to different problems and hardship is already a definition of slavery, but I won't dive into that because that is a different topic on its own.

The cashless policy has really encouraged online banking. We've gradually moved on from those early morning queues at the front of ATM stands, waiting to withdraw our own money. Online bank is very reliable, but the extra costs(charges) is very disappointing. Some people even go as far as charging 100naira after making purchase from them. We haven't even talked about how some of these PoS merchants over inflate their charges.

And when I say "online Banking", our local banking services ain't even part of it because we all know how tough it is to use a mobile bank app without network issues. If not for platforms like Opay, Palmpay, and others, things for dey tougher. It is what it is. We can only hope that it doesn't get any worse than this.

This has been a very nice innovative. This in so many way help to reduced the act of been robbed. Moving around with huge cash has a lot of disadvantage.

You are right. Cashless finance policy can be a way for the people of a country to prevent money wastage and increase savings. Spend the amount of money you need or pay through exchange, the remaining amount will be in the digital wallet. Here you should be aware of the security of the wallet so that your secret Seed Phrase is not stolen by a fraudster. In most countries where technology has touched, there is an attempt to make citizens cashless by digitizing fiat currency. If transactions are started through cryptocurrency in the future, the government can formulate policies to reduce the pressure on fiat. Transactions through Bitcoin have been started in some countries including El Salvador.

Modern financial management is becoming an important issue in the current world, it is not only helpful in preventing money waste and increasing savings, but it has also made transactions faster, safer and easier. I think that transactions through Bitcoin will start in all countries of the world in the near future, which is not too far away. If you save your private keys, your Bitcoin is completely safe. Transactions through Bitcoin will ensure much more convenience, and as transactions through cryptocurrencies become more common in the future, it will be necessary for governments to create new policies, for example, El Salvador has accepted Bitcoin as a legal means of transaction, Trump will also take Bitcoin much further in the United States, thus the whole world is gradually moving towards cryptocurrency. And over time, Bitcoin will gain legitimacy all over the world.

No be small early morning  queues, because of say we want to withdraw money people they wake up very early so that e go reach there turn and no one they pain pass reach when money done finish for ATM machine, e get one way I go that time, no money for machine and we report to the bank to refill so that we go withdraw and they say make we wait them go send person, omo I they there reach four hours we no see money for machine, na so we take go home after we done waste our time.

But I happy say shops way been no they like transfer done they take now, and besides if na cash person want now e they very easy because everywhere na Pos, so now anytime way I pass any bank I they hardly see more than four people way they won withdraw, so the habits of bank done they tire people.

Is it easy to walk around with huge cash without fear? It's is definitely not easy.There are so many places in Portharcourt that you can't even walk with a good product on you,either wrist watch  or fine necklace.If you try to walk in those places,they might cut your hand just to get that expensive material you are putting on.
I have witness a woman's hand being cut off just because he was putting on a gold wrist watch.The criminal cut her hand off and pushed her to the gutter right infront of everybody and ran,but the most surprising thing about the whole thing was that everybody saw him,and no one cared to run after him or chase him.

Cashless policy have been very helpful to people. It’ has stopped people being robbed off there money. It’s been a grate opportunity for people to understand that you can carry your phone and make whatever transfer you want to make at your comfort zone. But there are disadvantages and advantages to every good innovation. Someone phone can get stolen and there money can still been stolen from there mobile wallet. So there is an importance that we should also guide our phone carefully.

Is not like people don't understand the online banking but it was just stressful for people most especially those from underdeveloped area because some don't have bank account, some don't have microfinance bank which makes transaction very easy and again some people are not use to that method of doing thing but the cashless policy left people with no choice than to adopt and do it just to survive the period, after the period of cashless policy most persons has gone back to their normal way  of..., walking with around with phone while you have an asset inside is also very risky.

Na so nah, e don really Dey of help to a lot of people, e don save people from thieves or misplacement due to thinking, and e come make people no dey carry bag up and down or wallets or purse, just through phone, person don do everything, no body go know Wetin you don do or not, those people wey never dey modernize by using POS or accept cashless policy, never really dey expose but even as cashless policy dey like this, person gats to be very careful because some thieves still dey collect people mobile phones.

Honestly speaking, the introduction of cashless policy has helped a lot in our present day society.
One don't need to walk around with your pockets being heavy cox uvd got some huge amount of cash in it.
Though, our network system still needs to be upgraded so as not to experience unsuccessful transactions.
 

For this country hardship, na only mumu go carry cash waka for road, thieves full street dey find who dem go collect from, so one need shine eyes, na why e transaction dey so make u nor hold cash for hand, every shop dey accept transfer and Atm so why you go stress go withdraw with charges just to pay for goods you can actual transfer direct to. The cashless policy wey FG bin bring come Naija and correct thing wey dey help businesses in the country. Because when we be they keep money for wallet naso we dey lose wallet or them thief am, at the end you go lose eveything, but now, even if u lose wallet na empty wallet. But this increase in tax de worry the cashless policy, when u transfer the FG come dey charge u more so this yeye tax no go fit help the cashless policy, when u pay more charges for making transfer than when you pay with cash, then everyone would prefer to use cash than to make transfer. make the FG remove tax from e transfer or reduce it. 

Both banks and service providers (mtn, glo and others) need to work to perfect their network. I once got stranded a day when I plan to buy fuel with my ATM but the network was so bad that the withdraw wasn't going. So I also try to make transfer, here again I was stopped by my service provider as the transfer wasn't going due to bad connecting network from my service provider. Cashless policy is highly good and is something our government should implement more upon so as to reduce the effect of cash on individuals living in our country.

I don't think its even advisable for somebody to be moving around with large some of money in this country or even any where else because the world has moved passed that analog stage, currently in this country just get yourself one of this online banks like opay monie point palmpay and you are good to go, I don't even trust the traditional banks in terms of services, so my friend going around with large some of money you are either calling for kidnap or robbers to get you, if you are doing that or knows someone who does that please advise the person to stop moving around with cash