Despite all the transaction hardest Nigerians going through these few days due to the scarcity of Naira notes across the country, this at the same time poses and avails so much opportunities for businesses to flourish and for government to correct loads of the financial lacunas it made in the past that messed up the whole economy of the country.
Mine will be just to list out few opportunities i envisage this brought about, the rest is for economic expert to pass on their reviews.
1. It’d compel a lot of (unbanked) people at grassroot level to have a bank account. This closes the financial exclusion gap in the country.
2. It would help the government in recording SMEs’ transactions through a formal financial institutions. Because they’ll have no option other than to send and receive payments through banks.
3. Spendings, unnecessarily amongst Nigerians would reduce. As cash encourages spendings.
4. Spraying money at ceremonies by rich families that couldn’t be brought to book by the @officialefcc despite it being an unlawful act would be curtailed by nature.
5. Kidnapping ransom would either be paid via transfers or other formal means that could be traced. Especially if the government is serious about it.
6. Microfinance banks and other agency banking platforms would scale up. Financial activities would be much at micro levels particularly at local markets where 100s millions of Naira are being transacted everyday using cash.
7. Cost of printing currencies that we never used or messed up would drastically reduced.
8. Politicians and government officials that siphon money from our treasury could easily be traced either at the point of receiving the money or while spending it.
8. Due Taxes could easily be monitored by the authorized bodies for government at all levels.
9. A lot SMEs do so much turnover in their businesses, but they always cannot access bank loans because 70% to 90% of these transactions were cash based and banks do not recognize such turnovers. This could aid small and medium businesses to build their turnover through a formal means.
10. Police would either stop collecting bribe or they collect it via bank transfer. And na to dey post payment receipt on top social media for the world to see.
Finally, all these could only be achieved if our government is serious and intentional about bringing the change they preach to Nigerians.
Jamil Abdussalam Hajaj can be reached at [email protected]
