Bellow are some of the challenges.
Hackers:- These are the people that interfere with the codes financial institutions use in programming their funds, thereby making them able to modify the codes and transfer funds from one account to the other. This has been a very big challenge to cashless policy.
Poor financial infrastructure:- The technologies required in making cashless policy effective in the community are not in place.
High level of illiteracy:- If cashless policy is to be made effective, at least higher percentage of the people living in that community should be literate enough to make use of the electronic-based transactions.
Poor internet facilities:- Strong internet is very compulsory in making a community a cashless community and the means of transaction in a cashless environment is internet driven.
BENEFITS
Reduction in bank robbery cases as less traction inside banks would lead to reduction of physical cash inside bank and also other risk related to cash handling for example loss.
Increase in profit of business owners as there will be less need for plenty workers and also, the workers will find it difficult in begging customers for tips (money) because there is no physical cash.
Ease of transaction as there won’t be need for money counting, going to the bank for money withdrawal, deposits and transfers.
Reduction the risk of inflation.
Saves the nation of the huge amount of money required in printing money.
Serves as part of the nation’s improvement in technology and modernization.
Encourages foreign exchange and international transaction.
Reduced stress, saves time and energy and more efficient.
It also reduces corruption as it makes it difficult for money to be laundered.
Economic growth as less money would be in circulation and inflation would hardly be a problem.
Workers at financial institutions will also have more time for their family as cashless policy will make the institutions close early.
By:-ADEBIYI BAMBO CHARLES @iambanbo
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