In late 2022 and early 2023, when Nigeria was preparing for its general elections, banks stopped dispensing cash. Everyone was forced to go digital, and boy, it was terrible. Not for people like us who were already used to making transfers on the go, but for everyone we had to deal with who were not conversant with that lifestyle.
It was during that period that I realized that some grown men and women didn’t have bank accounts. Like, how can you be in your thirties, forties, even fifties and not own a bank account? I was still a teenager when I opened my first bank account, even though for the first few years it was as empty as a… well, whatever is empty like that. Lol!
That period forced many of us to start doing things that we don’t do regularly. For example, I used to withdraw money for everything. I was always paranoid about the network messing me up, so I prevented that by withdrawing cash, and then I used that cash to do what I wanted. But then, with no cash, we were using transfers to buy everything. Even to enter bikes or buses, we asked first, do you take transfers?
And when cash flow eventually returned to the country, we had all changed drastically. Now, I withdraw cash only sparingly, when I need to go out. Because transfers can be a hassle for public transport. Everything else, I pay via transfer. There was even a time a lady told me that she didn’t accept transfers, and I was wondering what kind of businesswoman she was. Like, how will you be selling market in this big 2026 and not accept transfers? Even today, if your shop doesn’t have a POS machine, I won’t even rate you.
And thankfully, we have good fintech banks that don’t mess us up. Because if it were up to our traditional banks, people would be fighting every day because of failed transfers and network issues. So, as long as there’s internet, it’s easy to log into the bank app and make the transfer. But therein also lies the problem, because now it’s so easy.
In the past, if I had cash, it was easy to leave the money in my account. But now, when I can buy something for N150, it’s so easy to keep spending, and if you’re someone that everything enters your eye, you’ll always end up finishing your money!
So, should the government ban cash? Nah…. I don’t think so just yet. Maybe a slow phasing out will work because while cash makes life easier, it will be better if we no longer have to carry it about again. Once you’re with your phone, you’re covered, instead of holding your phone and purse for your cash. And also, if there are good systems to carry out the transfers, make it swift and simple, then it’s good and fine.
If not, if a good system is not in place to fill up the vacuum created by the absence of cash, then we’d be in chaos and the economy can take a huge blow! This is something that needs to be handled with wisdom, but I believe it can be done.
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