By Victor Anya
Back Row L-R, Cami Ezewan, Kalu Emerson, Ademola Adeniji-Adele, Olamide Ojuokaiye, Victor Anya
front Row L-R, Joseph Amaoru, Richard Oshiomhole, Ayo Baje, Dr. Joe Dada, Moyo Oyatogun, Olusegun Ariyo
As a result of the hardships Nigerians suffered during the forceful implementation of the cashless policy introduced by the Central Bank of Nigeria (CBN), early this year and the uproars that followed it, a management expert, Dr. Joe Dada has called on Nigerians to adopt the policy as the seamless means of financial transactions.
He made this call during the presentation of his book titled: Cashless Economy: Evolution and Execution in Nigeria, to the Nigerian Institute of Journalism (NIJ), Ogba and the Guild of Public Affairs Analysts of Nigeria (GPAAN).
The management expert who spent 35 years as managing director of both United Africa Company and Mr. Biggs, and currently the Chairman of Livestock Feeds PLC, said the cashless policy was the driver of any economy as it improves the Gross Domestic Product (GPD).
He informed participants during the unveiling his book that Sweden has drastically reduced cash transactions to a mere 3%, Norway has 98% success, India 79%, Kenya 80% and Zimbabwe 75%, respectively-reducing cash transactions to the minimal level.
Dr. Dada added that if Kenya and Zimbabwe which are countries in Africa could achieve success in operating the cashless policy, there was no reason for Nigeria as the giant of Africa and the most populous black nation in the world shouldn’t embrace the policy and also succeed.
“For a country that has over 40 million small and medium enterprises (SMEs), contributing about 50% to the GDP, there is an urgent need for them to be integrated into the cashless payment system so as to speedy their payment processes real time and grow the economy,” said Dr. Dada.
Speaking further, he noted that for the cashless policy to be effectively implemented, certain factors must be considered –the Central Bank of Nigeria should put the right tools in place; the CBN should carry the deposit money banks along while the masses that will use the cashless payment system should be properly sensitized and educated about the importance of the policy, how it is run and why they should embrace it.
The author stated in clear terms that the implementation of the cashless policy by the CBN in the early part of the year was politically motivated hence it failed-adding that except India and Nigeria, there is no other country in the world where the policy was timed.
“The failure of the cashless policy in Nigeria was because it was politically motivated, it was timed and there were no adequate infrastructures like stable power supply, information and communication technology and internet backbone to accommodate the huge number of users that moved into the various financial transaction platforms at the same time,” he said.
He emphasized that for the cashless policy to be effective in any country, the technology that will drive the process should be provided-saying that there is need for adequate internet penetration in the rural areas, availability of affordable phones, proper distribution of banks and public electricity supply. Without the availability of these infrastructures, the cashless policy will not be effective, he noted.
According to the author, the cashless policy which began in 2012, was being implemented in a gradual process until early this year when politics was introduced into it hence it failed woefully.
He advised that the introduction of politics into the policy leading to its failure shouldn’t prevent Nigerians from adopting it. He called on members of the Guild of Public Affairs Analysts to accept the policy and also appealed to them to tell other Nigerians to adopt it as well.
Dr, Joe Dada, author of the book, Ms. Moyo Oyatogun, Mr. Ayo Baje
Mr. Ayo Baje, President GPAAN, Dr. Joe Dada, author of the book, Mr. Dele Omojuyigbe, Deputy Provost, NIJ, Ogba, Mr. Osuji