Take it or leave it, 2023 is going to be disruptive, at least for the first 1 to 4 months, with the coming of this CBN Cashless policy, many scholars believe that Nigerians are not ready for such policies
So the possibilities of it affecting cash flow and business in 2023 are much. even as the Federal government of Nigeria through her ministry body ”CBN” tells Nigerians it’s time to go cashless to improve Nigeria’s economy
Yes, the Cashless Policy is a welcome development in Nigeria, but if one should ask, Are Nigerians Ready For Such Now? I mean the Nigerian masses. How prepared are we to embrace this cashless society? how prepared are we
👉 When the Central Bank of Nigeria (CBN) promised Nigerians that the Cashless Policy, will bring a new level of convenience to the country’s economy.
👉 That this policy has the potential to revolutionize how businesses in Nigeria operate and interact with customers.
👉 The CBN assured Nigerians that the cashless policy offers businesses greater financial transparency, improved security, and greater access to financial services.
Nigerian businesses need to understand this policy and its implications for their operations. Though there will be a disruption in how people do business, access cash for the first 1 to possibly 4 months comes 2023. But Nigerians will always adopt
As a people, Nigerians will always adapt, survive and strive, why is important that you know and prepare for this disruption coming soon?
If you are a business person, possibly an online business vendor. This policy may affect your business model for the first 4 months of 2023, as the policy is also targeting to strengthen the Naira Nigeria currency against the easy fall to the United States dollar
You may not be able to use your Naira card to shop across the International market, and as such will be declined. You may also not be able to receive dollars or make payments in dollars using any of your Naira or domiciliary cards come 2023
The government and CBN are mean to this, they believe it will help our economy, and strengthen our currency and have stood behind such policies which will possibly cost disruption in Nigeria’s cash flow system for the beginning of 2023
Many people will have money in their bank account, but can’t access their money physically, while a few people will be afraid to deposit their money in the bank, and many uprising disruptions
Business people like you and I may have declined in business as physical cash will be limited, and people will love to transact business but can’t access their money physically
Most Nigerians make money by exchange of physical cash, a system the Federal government and CBN are trying to contain with this cashless policy
The CBN recently announced the new policy to limit cash withdrawals to boost a cashless economy in the coming year which is set to take effect from January 2023, the new policy caps weekly withdrawals were set to N100,000 and N500,000 for individuals and corporates, respectively.
What does this mean for your business?
You’ll need to fully adopt alternative payment methods such as internet banking, USSD, ATMs, and POS for daily transactions. You’ll save time & money managing cash:
The cost and risk of moving funds from your shop to the bank are removed when you focus solely on digital payments. Said CBN
You’ll increase your efficiency: Digital payment solutions like Squad help with the hard stuff like monitoring and reconciliation, allowing you have more time to run your business smoothly.
Nigerian Banks Said They Are Ready For The New Policy
In their testament, they said? Thankfully, we’ve got everything Nigerians need to seamlessly transition from cash to fully embracing digital payments for their business and individual needs.
GT Bank promises #GoDigitalwithSquad and explores the payment methods they offer Nigerians which are safer, faster, and better when compared to caring physical cash.
From SquadPOS to Squad Virtual Accounts and Squad USSD Code, GT Bank and other banks promise to help Nigerians accept multiple digital payment methods at their convenience – whether online or in your shop.
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As one of the leading banks in Nigeria, GT Bank promises her customers a FREE Squad Decal to make it easier for your walk-in customers to pay into your Squad account, and make the cashless policy easier for all, your business and family
To get started, find any Nigerian bank closest to you, in my case, I went to the GTBank branch near me to learn more about the decal.
I have also registered my business in LLC In the USA. So we are ready should this disruption come in massive. It will not at least affect our business when 90% of our payment, ads, and hosting are billed in US dollars. we just have to keep our business safe and watch how the Nigeria CBN cashless policy unfolds.