@OluseyeJohn wrote:
Like a chart-topping song, "Cashless Economy" is a phrase that has enjoyed near endless 'Mouth' play in the Nigerian space in recent years.
Of course, some meaningful attempts at creating solutions in that space have been seen from both the private and public sectors.
However, with low adoption and impact, Nigeria still falls miles behind compared to contemporaries like Kenya (All hail mPesa the great) .
So, I stumbled today on this HBR article titled "The Countries That Would Profit Most from a Cashless World", and I got stirred to the point of doing this - sharing with Y'all.
While not exactly new or surprising, the paragraph below caught my attention and had me think again of Nigeria's lack of readiness for what lies just ahead;...there are signs that cash is following the path of other “information goods,” such as printed photographs, cassette tapes, and DVDs in being replaced by digital alternatives.
From the analysis in the article (and from our everyday realities), it is obvious the cost of running a cash-based economy alone is sufficient a reason for us to push more pragmatically for a (more) cashless society.
Lately, seeing efforts that have been made in the mobile money space locally, I keep wondering why adoption is so low....and then I try to remind myself of the last time I ventured to use my Mobile Money service with _ _ _ _ - endpoint >> No conclusive answers ( Despite the fact that we've tried to use our "Paranoid Culture" as an excuse).
So, when I got to the point in this article where the question below is asked, I couldn't disagree with the answers for the category Nigeria falls to.
So these are the questions I pose to this community;
What can be done by the private sector (Corporation, Investors, Innovators etc...) to catalyze digital readiness for a cashless world in order to grow adoption? (Yes, I couldn't muster the courage to mention Government...
)
How do we digitally evolve as a nation to the point of being capable to successfully migrate to digital alternatives to cash?
PS: It'd be great to hear from folks already playing in the FinTech domain.
Gracias!
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